Cal LeGrow Insurance and Financial Group and MacLeod Lorway Financial Group Limited are merging to create the largest independent insurance brokerage in Atlantic Canada, with more than $130 million in combined premium volume, the companies announced Wednesday.
Founded in 1984, Cal LeGrow employs more than 70 employees across five locations in Newfoundland and Labrador. It places more than $66 million in premiums annually.
The Newfoundland and Labrador brokerage claims to be the commercial insurance advisor to one in four businesses in the province. It also has a financial services division dedicated to group benefits, investments and mortgages.
Founded in 1976, MacLeod Lorway employs more than 80 people across nine locations in Nova Scotia. They manage more than $63 million in premium volume and offer insurance solutions in personal lines (auto and home), aa well as commercial specialty insurance.
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“In a period of rapid consolidation, which has seen private equity firms and aggregators gobbling up independent brokers, we decided to do things differently,” says Jeff LeGrow, who will serve as CEO for the combined entity. “Our teams are no strangers. We have known and admired each other for years, and this was not a quick deal between strangers.”
“This merger earns us an even bigger seat at the table with insurance carriers, which means we can deliver even better solutions for our clients throughout Atlantic Canada.”
Stuart MacLeod, president and CEO of MacLeod Lorway, said has known Jeff LeGrow for more than 30 years and the two share a belief in remaining “fiercely independent.”
“This model gives us the combination of people, talent and scale that will allow us to grow significantly within Atlantic Canada,” MacLeod says. “I will continue as an executive advisor and shareholder and remain a fixture in our Sydney office.”
The brands and operations for each brokerage will remain unchanged.
“Cal LeGrow and MacLeod Lorway are well-known and trusted in their respective provinces, so when it comes to all employees and clients, it remains business as usual,” the companies announced in a statement.
Cal LeGrow and MacLeod Lorway said Synex is a minority investor. Synex is an independent broker in Canada managing more than $1 billion in premium through 22 offices across the country.
Feature image courtesy of iStock.com/JXD123
