June 29, 2017 by Canadian Underwriter
Gore Mutual Insurance Company announced on Wednesday that is has agreed to acquire Howard Noble Insurance Limited, a regional broker in Georgian Bay and Simcoe County in Ontario.
Gore Mutual CEO Heidi Sevcik noted in a press release that Noble Insurance will continue to operate in Collingwood, Barrie and Alliston, separately from Gore Mutual and its other owned brokerages, St. Clair in Windsor and Jamieson Hilts in Woodstock. Sevcik also said that Gore Mutual makes investments in brokers that include financing, private equity and full ownership, “reinforcing the company’s commitment to the future of brokers through strategic alliances.”
Shelley Vermeersch will assume leadership of Noble Insurance as managing director, the release said, adding that Vermeersch is a 25-year veteran with Noble Insurance that brings “extensive experience and relationships to the role.” Added Vermeersch: “I’m very proud of Noble Insurance and excited to lead the business into this exciting new phase, investing in technology, marketing and new solutions for our clients.”
Retiring Noble Insurance president Wayne Noble noted that Gore Mutual is a “great Canadian company with strong links to our community in Collingwood. The Gore Mutual Foundation has supported the General & Marine Hospital Foundation, the Georgian Triangle Hospice Foundation and My Friend’s House. They were our first insurance company contract in 1946, and I’m looking forward to seeing Noble Insurance grow in alliance with Gore Mutual.”
Gore Mutual vice president of distribution, Paul Jackson, said that the company believes there is a “bright future for the next generation of modern brokers. We are developing new alliances to enable investments in digital and in-store customer experiences, recognizing that some brokers have new models of ownership while others are fiercely independent. We continue to stand shoulder to shoulder with brokers of all kinds,” he said.
For Sevcik, the acquisition “reflects our ongoing commitment to the channel as a modern mutual company. Today’s announcement will ensure that Noble Insurance remains a trusted, local broker providing great solutions to customers from a wide range of insurers.”
Founded in 1839, Gore Mutual is Canada’s oldest property and casualty insurer, with over $410 millions in premiums and over $1 billion in assets as of Dec. 31, 2016. Based in Cambridge, Ont. and Vancouver, B.C., the Canadian-owned and operated mutual company employs over 350 people and invests in insurtech partnerships such as BrokerLift. The Gore Mutual Foundation strengthens has supported local initiatives and donated more than $10 million to over 650 charities.
Established in 1945, Noble Insurance has a history of providing personal, business and farm insurance to customers in the Georgian Bay area. Based in Collingwood, the company has more than 40 employees offering products from a wide range of general and specialty insurers through three branch locations.