Collectivfide Insurance Group Inc. has finalized the acquisition of Barrie, Ont.-based multiline broker RK Mooney Insurance Brokers Ltd., the fourth brokerage acquisition for Collectivfide, a company formed in 2019.
Collectivfide’s shareholders represent mutual insurers in Ontario and across Canada. Although the company is currently focused on Ontario acquisitions, Collectivfide would consider expansion outside the province is there is an alignment with values and strategy, the company’s president and CEO, Tony Ngo, told Canadian Underwriter Wednesday.
“One of the main goals of Collectivfide — one of our reasons for being, really — is to protect mutual volume through the acquisition of high-quality brokerages with sizeable mutual books,” Ngo said in a press release announcing the latest deal on May 1.
Collectivfide will work with RK Mooney’s management team and staff so the brokerage can continue to serve its clients in Simcoe County and area. For more than 30 years, RK Mooney has provided a full range of insurance products that include both personal and commercial lines, as well as life and disability products.
Looking forward, Ngo said Collectivfide anticipates closing multiple deals by the end of 2021. “We have a robust process of rating brokers and have developed a strong pipeline with broker discussions at various levels,” he said. But it is still difficult to predict merger outcomes during the COVID-19 pandemic, he added.
Currently, the company is focused on acquisitions within Ontario. “As opportunities arise in the future, we would consider expansion outside the province if there is alignment with our values and strategy.”
On Feb. 3, 2021, Collectivfide closed the acquisition of a majority stake in Owen Sound, Ont.-based TG Group Inc. Formed in 1991 as Graham Slade Insurance Brokers, TG Group offers commercial insurance and insurance programs, specializing in marine, aviation, consulting/risk management and VIP personal lines for commercial clients.
The company closed the acquisition of Ayr, Ont.-based multiline brokerage dbi Brokers Ltd. on Sept. 23, 2020. The brokerage is a family-owned property and casualty insurance brokerage that has been serving the southwestern Ontario region for nearly 90 years. In addition to P&C coverage, the brokerage offers travel and life insurance for individuals, families, farms and businesses.
The first brokerage transaction was a majority stake in multiline brokerage Doner-Horsley Insurance Brokers, announced June 1, 2020. Based in Alliston, Ont., Doner-Horsley has offered insurance and financial services products for consumers in the South Simcoe area for more than 100 years.