Ontario brokerage StoneRidge Insurance Brokers (SIB) has entered into a partnership with Underwriters Alliance, Inc. (UAI) to expand its service offering in group benefits and human resources services.
In another announcement, large brokerage Navacord said it had completed the integration of two existing brands.
SIB Corp., operating as StoneRidge Insurance Brokers, made their partnership announcement in a press release Monday. SIB’s platforms include an insurance brokerage offering personal, commercial and life insurance, among others, a managing general agent/managing general underwriter, and an adjusting firm. For its part, UAI has been providing employee benefits and human resource consulting solutions to businesses across Canada since 1997.
UAI will continue to be led by Robert Fedak, the company’s founder and president. “Robert and the UAI team bring more than 25 years of benefits and HR consulting expertise and will significantly enhance our benefits offering and expand the solutions that we are able to provide our commercial customers,” Ted Puccini, SIB’s CEO and president, said in the release.
UAI is the sixth investment SIB has made since partnering with CIVC Partners, LP, a private equity firm, in November 2019. SIB has signed letters of intent to partner with four other brokerages, which is expected to close over the coming months.
“These partnerships will expand SIB’s footprint into additional provinces and further expand the company’s presence in Ontario,” said SIB, which is headquartered in Ancaster, Ont. and has 27 locations in southwestern Ontario. “SIB is committed to growing organically and through partnership investments across Canada and is actively seeking partnership/acquisition opportunities.”
In an unrelated announcement, Navacord also said Monday it had completed two integrations of existing brands. Partners Indemnity Insurance Brokers Ltd. and Paisley Manor Insurance Brokers Inc. are now operating as Paisley Partners Inc. In addition, Henderson Insurance, a Navacord brokerage in Saskatchewan, has integrated with the Smiths’ Insurance and HAL Insurance teams — both of which will now operate under the Henderson Insurance brand.
The integration of Partners Indemnity and Paisley Manor, two Navacord brokers, was effective Nov. 1. The new Paisley Partners brand expertise spans the range of national and international coverage, from personal to commercial insurance and specialty line products encompassing, but not limited to: realty, construction, manufacturing, mining, chemicals, religious organizations, retail and franchises, marine, professional liability programs, entrepreneurial new ventures, and a unique focus on the bespoke needs of high-net-worth clients.
In the other Navacord integration, Henderson Insurance has integrated the Smiths’ Insurance and HAL Insurance teams under the Henderson Insurance brand. Both HAL Insurance and Smiths’ Insurance have been working closely with Henderson Insurance since partnering with Navacord in 2020.
Henderson Insurance has offices in Regina and Moose Jaw, Sask. and manages the risks of clients in central and western Canada in the following sectors: agriculture, transportation, manufacturing, construction, surety bonding and auto, RV and equipment dealerships. It specializes in mid-market commercial insurance and risk management.