Deal Tracker: The latest in brokerage M&A

The number of mergers and acquisitions in the Canadian P&C insurance space (mostly involving brokerages) has hit double digits already this year, with two large brokerages contributing to the latest round of deal-making.

Hub International announced Tuesday that it had acquired Saskatchewan-based John Galon Insurance Services Ltd. and Galon Management Ltd. (Galon Insurance Brokers); Navacord said Thursday it continues its strategic benefits expansion with the addition of Penmore Benefits Inc.

Chicago-based Hub said in a release that Galon Insurance Brokers’ “focus on customer service, extended hours, and online sales supports Hub’s Specialty practices by complementing and strengthening Hub’s existing capabilities.”

Located in Regina and Saskatoon, Sask., Galon Insurance Brokers is a three-generation, full-service brokerage providing personal, commercial and agribusiness insurance, as well as government auto and various other professional services.

Brian Galon, president of Galon’s Regina operations, and Phil Galon, president of Galon’s Saskatoon operations, will join the Hub Prairies team along with the continuing strong leadership of the third generation — Jason Galon in Regina, as well as Daniel, Jeff, and Jennifer Galon in Saskatoon.

iStock.com/Maksim Labkouski

In other M&A news, Navacord continues to strengthen and expand their benefits business with the addition of Penmore Benefits Inc as a broker partner, effective Feb. 1.

A division of The Penmore Group, Penmore Benefits provides comprehensive benefits and retirement programs, including international benefits, for small- to medium-sized businesses across both private and public sectors.

Navacord described the addition of Penmore Benefits as strengthening its leadership and national presence within the group benefits and retirement sector.

“Their dedicated specialists deliver customized, sustainable solutions driven by a disciplined approach based on in-depth research and analysis,” Navacord said in a release announcing the deal.

“Penmore’s approach to business is similar to Navacord’s — from their growth mindset, to providing best-in-class service, holistic client solutions, and the prioritization of ongoing employee development,” said Navacord president and CEO Shawn DeSantis. “Penmore Benefits brings specialized benefits expertise and additional global market access to Navacord and our clients.”

Penmore Benefits will continue to operate independently as a Navacord broker partner, but now with the added resources and strength of a national, multi-line firm.

The acquisition of Penmore Benefits follows another deal in early January that saw Navacord brokerage Waypoint Insurance add Lynn Valley Insurance, which provides home and auto insurance to North Vancouver residents, along with a book of business.

Feature image via iStock.com/Maksim Labkouski