Ontario has taken centre stage in the latest round of mergers and acquisitions (M&A) activity in the Canadian property and casualty insurance industry.
This week, McDougall Insurance, Arthur J. Gallagher & Co. and InsureLine all announced deals in the brokerage space.
McDougall Insurance merged with Markham, Ont.-based Cornell Insurance Brokers Ltd., effective Dec. 2. With a staff of more than 50 workers, Cornell Insurance offers personal (home, car, life, boat and classic car) and commercial insurance (property, auto and risk management services).
Cornell Insurance staff and contact information will remain the same, says a press release from McDougall Insurance, a subsidiary of Definity Financial Corporation. Cornell Insurance will also continue to operate under its existing brand.
“Co-CEO John Beadle and vice president Patrick Hogan will also remain with the organization, along with other members of Cornell’s leadership team, to continue to guide the brokerage into its next exciting chapter,” the release says. “Co-CEO Mike Hannan will also be entering the next chapter of his life, a well-earned retirement.”
Meanwhile, Arthur J. Gallagher & Co.’s deal involves acquisition of Sault Ste. Marie, Ont.-based Dawson & Keenan Insurance Ltd., a retail brokerage serving personal and commercial lines clients in northern Ontario.
Terms of the transaction were not disclosed.
Brokerage president Larry Day and his team will remain in their current location under the direction of Dave Partington, head of Gallagher’s Canadian retail property and casualty brokerage operations.
“Dawson & Keenan Insurance has a longstanding reputation in the region and will provide growth opportunities for our retail brokerage operations in Canada,” says J. Patrick Gallagher, Jr., chairman and CEO, in a release Tuesday. “I am delighted to welcome Larry and his associates to Gallagher.”
And, earlier this week, InsureLine Brokers Inc. announced the official launch of InsureLine (Pearl) in Brampton, Ont.
An independent broker network with 35 brokerages across the country, InsureLine allows brokers to retain 100% ownership of their books, says brokerage CEO Aly Kanji. At the same time, brokers benefit from back-office infrastructure and support, such as technology, market access and an in-house marketing agency.
“In a sea of consolidation, we’re bucking the trend by creating brokerages,” Kanji says in a Dec. 2 statement.
Brokerage entrepreneurs Bela and Viren Gandhi are the franchise owners of InsureLine (Pearl). “Viren found his passion for helping individuals with their insurance needs over a decade ago and Bela joined him soon after,” InsureLine says in the release.
InsureLine (Pearl) offers a variety of personal and commercial insurance solutions, including home, auto, classic car, boat, motorcycle, commercial property, cyber liability, professional liability and transportation/trucking insurance, among others.
Feature image by iStock.com/NISIT RAWO
