June 6, 2004 by Canadian Underwriter
With the sale of former Vector subsidiary Bow Valley Insurance to the brokerage’s president, Kirit Gohill, the Calgary-based company is planning to grow through acquisition.
Gohill, who has also served as Vector’s Western region vice president before the company’s demise (see CU Breaking News, 03/06/2004), says he was eager to buy back the Calgary branches of the business.
“This acquisition is the start of a longer term plan to expand
and acquire more agencies,” he says. “The insurance
industry is changing, with more clients expecting not only the
personal service that a neighborhood broker can provide, but the
ability to offer a wide range of economically-priced products
available from several insurance companies represented by Bow
Gohill founded Bow Valley in 1979, selling his business to Vector in 1995. Last week, Vector announced it had sold Bow Valley and Saskatoon Agencies in separate deals in order to repay debts, although outstanding debts mean the consolidator’s stock has become valueless.
Gohill now wants to build on Bow Valley’s position as a locally-owned brokerage.