What’s New: In Brief (January 31, 2007)

Anthony Clark Insurance Brokers Ltd. has announced the purchase of the customer accounts of Universal Insurance Brokers Ltd., a Calgary-based general insurance broker. Anthony Clark purchased the customers accounts for $468,000. The purchase price was financed with cash and seller financing, according to a statement from the firm. Anthony Clark is a general insurance brokerage employing 144 people out of 17 offices, 5 of which are located in Alberta. To date, the company has purchased 23 general insurance brokerages and has plans to acquire additional brokerages in both the Canadian and U.S. markets.

Peel Regional Police have made a series of arrests in connection with an automobile fraud ring. The arrests come as a result of a probe that began when the Brampton and Mississauga, Ontario dealerships’ insurance companies noticed car payments weren’t being made, and the purchaser of the vehicles were nowhere to be found, reported the Mississauga News. Five men have been charged, and warrants issued for two more. “Several of the suspects worked at area car dealerships and it is alleged that they used false customer identification and false financial documents to process the sales,” reports a Peel Police press release. The investigation commenced in September 2006 and has identified 80 vehicles to date, worth more than $2 million. Most of the vehicles were shipped overseas, but a handful were found in Ontario.