Topic Mergers and Aqcuisitions
Large brokerage makes commercial deal in Ontario
January 29, 2024 by Alyssa DiSabatinoAcera Insurance Services Ltd. announced its latest deal with KRS Insurance Brokers Ltd., a specialized commercial brokerage based in Newmarket, Ont. “This partnership supports Acera Insurance’s longstanding dedication to build scale and strengthen the independent brokerage model to provide…
Why this national consolidator made layoffs
January 19, 2024 by Alyssa DiSabatinoWestland Insurance issued an internal email dated Jan. 15, announcing the layoff of about 30 employees, citing the inability to meet its 2023 financial targets, as well as salaries and expenses that exceeded plan. “Today, I’m sharing some very difficult…
Two brokerages, one MGU involved in recent deals
January 15, 2024 by Jason ContantEditor’s Note: This story has been corrected to clarify that Keyes Insurance was not acquired by the Canadian Broker Network but rather joined its membership. Keyes Insurance remains a fully independent brokerage solely owned by Shaun Keyes. Canadian Underwriter apologizes…
How brokerage mergers could create tax benefits
January 15, 2024 by Philip PoradoTax filing season is on the horizon, which means it’s time for Canadian brokerages and insurance companies to consider how they’ll treat GST, HST or QST payments, Yakoob Vayani, a partner at KPMG in Canada in Indirect Tax, Advisory, told…
What’s up Stoneridge’s sleeve in 2024
January 9, 2024 by Alyssa DiSabatinoKicking off the new year, Stoneridge Insurance Brokers (SIB) announced two new deals to build out its offerings and presence in the country, with three additional deals expected to close within the next two months. Most recently, SIB announced…
Westland’s first deal of the year
January 5, 2024 by Alyssa DiSabatinoWestland Insurance today rung in the New Year by acquiring two Alberta-based brokerages — Dyberg Insurance Inc. and Prairie Villa Insurance. “Maintaining a firm local focus, [the two brokerages have] formed deep and lasting ties to their communities,” Westland commented…
McDougall’s Drayden Insurance acquires Alberta brokerage
January 3, 2024 by Jason ContantAlberta brokerage Drayden Insurance has announced the acquisition of Darson Insurance Services in Stony Plain, Alta. Drayden Insurance is a division of Ontario brokerage McDougall Insurance, which itself is a subsidiary of Definity Financial Corporation. In October 2022, Definity increased…
BrokerLink completes 20 acquisitions in 2023
January 2, 2024 by Alyssa DiSabatinoBrokerLink has completed 20 total acquisitions in 2023, including two new brokerage deals — one in Alberta and one in Ontario. “The company remains a top succession option for principals who are thinking about the future of their operation…
Aon to acquire NFP in major brokerage merger
December 20, 2023 by Philip PoradoAon expanded its worldwide property and casualty insurance market presence by today acquiring NFP — a leading middle market P&C broker, benefits consultant, wealth manager and retirement plan advisor. Aon will acquire NFP for an estimated $13.4 billion at closing.…
This province is Hub’s latest benefits firms acquisition target
December 12, 2023 by Alyssa DiSabatinoGlobal commercial brokerage Hub International announced the acquisitions of two Alberta benefits firms this week. Hub, based in Illinois, has acquired JRP Financial Services, Inc., as well as the shares of The Musgrave Group. Terms of the transactions were…
MGA acquires Echelon’s surety division
December 11, 2023 by Jason ContantMontreal-based managing general agency REVAU Advanced Underwriting Inc. has acquired Echelon Insurance’s surety division. “This acquisition aligns with REVAU’s focus on expanding its existing surety operations across Canada,” the MGA said in a press release Monday. “The teams’ shared values,…
Quebec merger to create second largest brokerage in province
December 8, 2023 by Alyssa DiSabatinoTwo Quebec brokerages will be merging to create the “second largest player” in personal and commercial insurance brokering in the province, the companies announced Thursday. PMT ROY Assurances et services financiers announced its merger with PMA Assurances. The deal…