November 10, 2015 by Canadian Underwriter
Rogers Insurance Ltd. announced on Tuesday that it has acquired a controlling interest of Brampton, Ont-based CCV Insurance & Financial Services Inc. under the previously formed Inowest Insurance Brokers Inc. group of companies.
The acquisition represents the strategic expansion of Rogers into the Ontario marketplace, leveraging on CCV’s business locations in Brampton, Georgetown and Huntsville, Ont.
The acquisition represents the strategic expansion of Rogers into the Ontario marketplace, leveraging on CCV’s business locations in Brampton, Georgetown and Huntsville, Ont., Rogers Insurance said in a press release. Brian Evans will become president and a significant shareholder of CCV, while Robert Lewis will remain a shareholder and assume the role of director, insurance distribution.
“This first foray into the Ontario marketplace is part of the plan to scale up the Rogers’ operations in both size and geography,” said Bruce Rabik, COO of Rogers Insurance, in the release. “Rogers has developed a unique strategic initiative to give potential brokerage owners the opportunity to sell to an independent Canadian brokerage.”
Evans, the new CCV president, said that “this opportunity gives us the ability to aggressively expand our business model and integrate many of the Rogers world-class business philosophies, employee engagement strategies and industry leading digital technologies. We truly believe the introduction of an employee-ownership model for CCV employees will be instrumental in our future growth and success.”
Rogers Insurance, under the Inowest Insurance Broekrs brand, also announced in May that it had acquired Sylvan Agencies Ltd., which operates as Sylvan Agencies in Sylvan Lake, Alta. and Procom Insurance in Red Deer, Alta. The Sylvan Agencies Ltd. partners will remain in their leadership roles and the “transaction with Rogers Insurance was the best option for our employees and clients while allowing us to remain independent,” the partners said at the time.
A second generation full-service insurance and financial services brokerage, CCV serves more than 10,000 personal and commercial clients throughout Ontario.
The Rogers Insurance group of companies employs about 400 people and writes just under $300 million worth of premiums. It offers commercial, personal and group home and auto insurance.