April 9, 2013 by Canadian Underwriter
Archway Insurance, one of the largest independently-owned insurance brokerages in Atlantic Canada has announced that it will purchase Halifax-based SNC Insurance through the acquisition of all its outstanding shares.
“The addition of the SNC office dramatically increases our presence in the HRM market,” Archway vice president Michael Stack noted in the announcement.
“Archway and SNC have been strategic business partners for a number of years, and our brokerages share very similar values and goals.”
Archway, based in Amherst, N.S., will now have nine locations in Atlantic Canada. Over the past 10 years, the company has purchased 15 brokerages across Nova Scotia and New Brunswick, although the SNC deal is its single largest purchase, a statement from the company said.
SNC’s president, Stewart Hay, will work as a consultant with Archway and its CEO, Carolyn James, will stay on temporarily to assist with the management transition, the statement said.
“My partner Carolyn and I take a great deal of pride in operating as an independent brokerage that works on behalf of our clients, not an insurance company or bank,” Hay said in the statement. “We have a great deal of respect for the Stack family, and know that our clients will continue to receive the same level of professional service and choice with Archway.”
SNC offers insurance services for individuals, organizations, and entrepreneurs. Prior to 2006, it operated as K N Umlah Insurance Agency Limited. In total, SNC has been serving clients in the Maritimes for more than 28 years.
Last week, SNC was recognized as Insurance Brokerage of the Year by the Insurance Brokers Association of Nova Scotia.