Canadian Underwriter

Lussier Dale Parizeau continues M&A activity

June 18, 2019   by Jason Contant

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Quebec’s largest brokerage, Lussier Dale Parizeau, has merged with financial services firm Genius Financial Group.

André Lussier, president of Lussier Dale Parizeau, announced the merger along with the four partners of Genius Financial Group: Jean-Pierre Gauvreau, Serge Gravel, Éric Émond and Émilie Gauvreau. All employees of Genius Financial Group – which specializes in group insurance and annuities, financial planning, savings and life insurance – will continue with Lussier Dale Parizeau.

“This [merger] will allow us to consolidate our presence in the Saguenay-Lac-Saint-Jean region and become a major player in life and health insurance in this region, as we already are in property and casualty insurance,” Lussier said in a press release.

Lussier Dale Parizeau has more than 800 employees, including 500 brokers, adjusters, actuaries and lawyers in 29 branches. Serving more than 160,000 clients, the firm has a total premium volume of about $475 million in both general and life and health insurance. It also offers solutions in group insurance, pension plans, human resources, occupational health and safety and pay equity, in addition to insurance services for individuals, businesses and professional groups and associations. Owned by the Lussier family, the brokerage’s head office is located in Sorel-Tracy.

With this merger, Lussier Dale Parizeau’s Saguenay-Lac-Saint-Jean region now has 130 employees across eight branches. It has offices situated in Chicoutimi and Dolbeau-Mistassini.

Jean-Pierre Gauvreau said that the merger will allow the financial services firm – which also offers disability and critical illness insurance and mortgage loans – to “gain access to an expanded network of insurers and increased bargaining power in a competitive market.”

The announcement earlier this week comes on the heels of another deal in which Lussier Dale Parizeau acquired the assets of Petrela, Murray, LeBlanc Inc. The smaller brokerage has been providing bonding and construction services to prime contractors for more than 25 years. Based in Laval, Que., it has also has offices in Montreal and affiliates in Toronto and Ottawa.

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