Ontario has taken center stage in the latest round of mergers and acquisitions (M&A) in the Canadian property and casualty insurance coverage business.
This week, McDougall Insurance Coverage, Arthur J. Gallagher & Co., and InsureLine all introduced offers within the brokerage house.
McDougall Insurance Coverage merged with Markham, Ontario-based Cornell Insurance Coverage Brokers Ltd., efficient Dec. 2. With a staff of greater than 50, Cornell Insurance provides private (dwelling, automobile, life, boat, and traditional automobile) and business insurance coverage (property, auto, and threat administration companies).
Cornell Insurance coverage employees and get-in-touch with data will stay identical, says a press release from McDougall Insurance coverage, a subsidiary of Definity Monetary Company. Cornell Insurance coverage may even proceed to function below its present model.
“Co-CEO John Beadle and VP Patrick Hogan may even stay with the group, together with different members of Cornell’s management crew, to proceed to information the brokerage into its subsequent thrilling chapter,” the discharge says. “Co-CEO Mike Hannan may even be coming into the subsequent chapter of his life, a well-earned retirement.”
In the meantime, Arthur J. Gallagher & Co.’s deal entails the acquisition of Sault Ste. Marie, Ontario-based Dawson & Keenan Insurance Coverage Ltd., a retail brokerage serving private and business-strength shoppers in northern Ontario.
Phrases of the transaction weren’t disclosed.
Brokerage president Larry Day and his crew will stay at their present location below the path of Dave Partington, head of Gallagher’s Canadian retail property and casualty brokerage operations.
“Dawson & Keenan Insurance coverage has a longstanding fame within the area and can present progress alternatives for our retail brokerage operations in Canada,” says J. Patrick Gallagher, Jr., chairman and CEO, in a launch Tuesday. “I’m delighted to welcome Larry and his associates to Gallagher.”
Earlier this week, InsureLine Brokers Inc. announced the official launch of InsureLine (Pearl) in Brampton, Ontario.
An impartial dealer community with 35 brokerages nationwide, InsureLine permits brokers to retain 100% possession of their books, says brokerage CEO Aly Kanji. At the same time, brokers profit from back-office infrastructure and assistance, corresponding to know-how, market entry, and an in-house advertising company.
“In a sea of consolidation, we’re bucking the pattern by creating brokerages,” Kanji says in a Dec. 2 assertion.
Brokerage entrepreneurs Bela and Viren Gandhi are the franchise homeowners of InsureLine (Pearl). “Viren discovered his ardor for serving people with their insurance coverage wants over a decade in the past, and Bela joined him quickly after,” InsureLine says within the launch.
InsureLine (Pearl) provides a wide range of private and business insurance coverage options, including dwelling, auto, traditional automobile, boat, motorbike, business property, cyber liability, skilled liability, and transportation/trucking insurance coverage.
Characteristic picture by iStock.com/NISIT RAWO
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