Direct writer Desjardins is acquiring the Insurance Company of Prince Edward Island (ICPEI), an insurer that distributes solely through the broker channel. “With this acquisition, we’re strengthening Desjardins’ position in the Canadian commercial insurance market,” Guy Cormier, Desjardin’s president and…
BrokerLink announced its acquisition of Owen Sound, Ont.-based Hanbidge & Bowman Ltd. Insurance Professionals. The deal was effective Mar. 1, the company said said in a Mar. 5 press release. Hanbidge and Bowman Insurance was established in 1947 and provides…
Tax filing season is on the horizon, which means it’s time for Canadian brokerages and insurance companies to consider how they’ll treat GST, HST or QST payments, Yakoob Vayani, a partner at KPMG in Canada in Indirect Tax, Advisory, told…
Aon expanded its worldwide property and casualty insurance market presence by today acquiring NFP — a leading middle market P&C broker, benefits consultant, wealth manager and retirement plan advisor. Aon will acquire NFP for an estimated $13.4 billion at closing.…
How can consolidators afford to buy brokerages when interest rates on bank loans to finance deals have steeply increased? Firms that are actively engaged in brokerage buying and selling told CU they have become more selective. “We are getting a…
Rising interest rates are changing the brokerage M&A environment and giving sellers a shorter timeline to produce the projected earnings. And chances are, if they haven’t produced reliable returns already, the buyers may balk on a purchase, said Yan Charbonneau,…
Reports of the death of brokerage mergers and acquisitions in an era of higher interest rates have been greatly exaggerated. Back in early 2023, Canadian Underwriter’s National Broker Survey noticed a curious phenomenon: brokers’ interest in M&A growth had dipped…
Valani Global, an actuarial modeling and financial reporting firm with operations in Canada and the United States, has acquired MSA Research, a Canadian analytical research firm specializing in the insurance industry. Terms of the deal were not disclosed. “This acquisition…
Financial institutions, more often than not, have surplus capital. “To satisfy their shareholders, either they need to invest that capital or buy into businesses so they can have a return,” notes Suzanne Pountney, president of Insurance Brokers Association of Ontario…
Buyers of Canadian P&C brokerages are becoming more selective in their M&A targets, with an increased focus on future profitability, Vancouver-based advisory firm Smythe LLP told Canadian Underwriter. Purchasers are still quoting high revenue multiples and prices aren’t necessarily decreasing,…
Looks as if the summer 2023 P&C brokerage merger train will keep on rolling into the fall. Specialist insurance and reinsurance broker BMS Group has acquired Canada-based insurance brokers, Smith & Reid Insurance Brokers Ltd. and O’Neil Insurance. Smith &…
Canada’s fourth-largest brokerage, Navacord, took another step Wednesday in building what it calls “The Great Canadian Brokerage,” announcing an M&A deal with Mitchell McConnell Insurance Ltd. in New Brunswick. Mitchell McConnell Insurance, whose legacy dates to 1927, is headquartered in…