July 2, 2019 by Jason Contant
Archway Insurance will nearly double its footprint in New Brunswick following a mega-deal to acquire three brokerages and seven new offices across the province.
Amherst, N.S.-headquartered Archway acquired Shaw Insurance Agency Ltd., Solutions Assurances 360° Inc. and J. & N. Assurances Ltée., effective July 1. The transaction comes with a client base representing close to $20-million in premium volume. It’s the largest M&A deal in the region this year, the brokerage said in a press release July 1, the effective date of the acquisitions.
Archway now has 31 locations, about 200 employees, 70,000 clients, and handles about $135 million in premium volume.
“It’s exciting to see Archway Insurance continue to grow throughout the province of New Brunswick and enter new communities,” said Gina McFetridge, president of Archway Insurance, one of Atlantic Canada’s largest independent insurance brokerages. “This acquisition will add significant value to the acquired brokerages through increased expertise and choice in commercial, personal, group benefits, and life insurance options for existing and future clients.”
Five of the seven locations are in new communities, McFetridge reported. Over time, the plan will be to bring employees and offices together in Grand Falls and Edmundston, where Archway already has offices.
Former Shaw Insurance owner Andrew Page will join Archway Insurance; the other ownership group is exiting to pursue other opportunities.
This latest transaction is third acquisition announcement for Archway this year, and the second in New Brunswick. Earlier this spring, Archway moved into Saint John with the acquisition of Hall & Fairweather Insurance, and acquired family brokerage George Mitchell Insurance in Liverpool, N.S.
The brokerage said the acquisitions will provide clients of both smaller brokerages with more commercial insurance options; in addition, it will add life, travel and employee benefits products to their offerings.