Canadian Underwriter

Inowest Insurance Brokers acquires Sylvan Agencies Ltd. in central Alberta

May 8, 2015   by Canadian Underwriter

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Rogers Insurance Ltd., under the previously formed Inowest Insurance Brokers Inc. brand, announced on Thursday that it has acquired Sylvan Agencies Ltd., which operates as Sylvan Agencies in Sylvan Lake, Alta. and Procom Insurance in Red Deer, Alta.

Rogers Insurance also purchased Mooney Insurance Agency Ltd. in 2010

“The acquisition of these two brokerages expands the commitment Rogers Insurance made to the central Alberta marketplace when they purchased Mooney Insurance Agency Ltd. in Red Deer in 2010,” Rogers Insurance, which employees 330 people and writes over $250 million in premiums, said in a statement.

The Sylvan Agencies Ltd. partners will remain in their leadership roles and said in a joint statement that the “transaction with Rogers Insurance was the best option for our employees and clients while allowing us to remain independent.”

Bruce Rabik, chief operating officer of Rogers Insurance, added in the statement that the acquisition “positions us as the dominant brokerage in central Alberta at a time when the size of a firm increasingly provides advantages to clients such as access to more insurance companies and technology that improves the customer experience.”

Established in 1950, Sylvan Agencies Insurance offers a variety of insurance services including automobile, recreational vehicle, property, farm and commercial insurance, in addition to life and bonding insurance, the company says on its website. In 2000, Sylvan Agencies Ltd. acquired Procom Insurance Brokers, “thereby creating a presence in Red Deer to better serve the insurance needs of central Alberta.”

Rogers Insurance was established in 1977 and is “one of the few truly independent brokerages in Canada,” it says on its website. Rogers Insurance offers local, regional and national representation, as well as access to international insurance markets.

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