Harvard Western president and CEO Dave Pettigrew told Canadian Underwriter Tuesday that Hoff Insurance approached his firm because they wanted to be part of a larger brokerage.
“Their market is really adjacent to the market that we serve, so it was a nice fit where we already do business,” Pettigrew added. Both offer personal, commercial and farm policies.
Harvard Western currently has 75 staff, with 10 more coming in from Hoff Insurance. There will be no downsizing as a result of the merger, Pettigrew said. The larger brokerage, Harvard Western, operates with a strong balance sheet and without any debt and was able to conduct the deal without any financial assistance.
Pettigrew said clients have been notified of the transaction and there will be no brand changes until January 2019. Hoff Insurance will continue to operate under its name until it is rebranded to Harvard Western next year. Hoff Insurance will also have access to Harvard Western’s larger pool of products, with specialist resources available. Until the rebranding is complete, both brokerages will be working towards operating on the same broker management systems.
Established in 1983, Hoff Insurance has four locations in southern Saskatchewan: in Rouleau, Yellow Grass and Pangman. The independent brokerage offers home, auto, commercial, farm and hail insurance, among others.
Harvard Western has nearly 115 years of experience selling the following insurance products in Saskatchewan: homeowners, tenant, condo, seasonal dwellings, rental property, boats and motors, valuable property, all-terrain vehicles, auto, farm, life and health and group benefits. The brokerage has five locations, serving customers in Regina and the surrounding area.
Originally operating under the name McCallum Hill and Company, Harvard Western has grown over the years through amalgamations with Cooks Insurance, Western Financial Group, Harvard Developments, and Shenher Insurance and Financial Services.
“We’ll certainly continue to be opportunistic as it relates to acquisitions, but we’re only interested in deals that make sense both from a strategic fit and financially,” Pettigrew said.