July 5, 2016 by Canadian Underwriter
BrokerLink will welcome 90-plus employees and increase the property and casualty insurance brokerage’s footprint to more than 75 locations in Ontario with the acquisition of Cornerstone Insurance Brokers Ltd.
The terms of the transaction were not disclosed, notes a statement Tuesday from BrokerLink.
One of the largest p&c brokerages in the country, BrokerLink announced the acquisition has been successfully completed. As a result of the deal, all four Cornerstone Insurance Brokers’ operations in the Ontario communities of Woodbridge, Markham, Aurora and Barrie will integrate under the BrokerLink brand.
Cornerstone Insurance Brokers is a multi-line, full service and privately owned brokerage.
Noting that Cornerstone Insurance Brokers is well-established in southern Ontario and represents a good fit, the two organizations have built their businesses on “a service-oriented and professional culture, which has created long-term and high-quality customer relationships,” says Paul Meyer, head of acquisitions for BrokerLink.
“The synergies between our organizations were also evident in the way Cornerstone has leveraged digital media to connect with customers,” Meyer suggests in the company statement. “At BrokerLink, we strive to offer diverse products and services through a variety of distribution channels, including social media and through our website,” he points out.
BrokerLink will also acquire the brand rights to BeWiser Insurance Brokers Inc., owned and operated by Cornerstone Insurance Brokers Ltd. “Through the lead generation website BeWiser.ca, hard-to-place customers can work with insurance professionals to find insurance products that are right for them,” BrokerLink reports.
Beyond welcoming about 90 employees, Wendy DaSilva and Peter DaSilva, president and chief operation officer of Cornerstone Insurance Brokers, will be joining BrokerLink to assist during the transition.
The BrokerLink companies, subsidiaries of Intact Financial Corporation, have brokerage operations with more than 115 offices supported by approximately 1,400 employees across Ontario, Alberta and Atlantic Canada.
In February, Cornerstone Insurance Brokers purchased KPL Insurance-Rates Inc. And in October 2014, the brokerage reported it had purchased Hartwell Thayer Insurance and Financial Services Limited.
Among BrokerLink’s recent deals was the January 2016 acquisition of City Insurance Offices Ltd. and Philpot & Delgaty Insurance Ltd., both located in Ontario. City Insurance offers auto, homeowners, commercial, life, health and group insurance products and retirement plans; Philpot & Delgaty provides personal, commercial and travel insurance.
About a month before that, BrokerLink announced it had acquired another three full-service brokerages operating in Ontario: Northwest Insurance Group Inc., McGregor-Miller Insurance Brokers Ltd. and Gray Insurance Brokers Inc.