Two Quebec brokerages will be merging to create the “second largest player” in personal and commercial insurance brokering in the province, the companies announced Thursday.
PMT ROY Assurances et services financiers announced its merger with PMA Assurances. The deal will be effective Jan. 1, 2024, if the conditions are met.
Based in the Capitale-Nationale administrative region of Quebec, PMT ROY is a full-service brokerage with 16 offices across the province. The company offers personal, business, and life and health insurance services, as well as savings and retirement financial services. The brokerage dates back nearly 95 years.
André Roy, president of PMT ROY, announced his retirement after a 40-year career with the company.
PMA is a full-service brokerage headquartered in Trois-Rivières, Que., that offers personal and business insurance and financial services. PMA has more than 90 years’ experience and 11 offices.
Following the merge, PMA president Patrice Jean will become president of the new organization.
“Combining the strengths of PMT ROY and PMA will enable us to offer additional advisory services and an enhanced range of products, as well as multiple and diversified career opportunities for our employees, while maintaining our local presence,” he said in a press release.
This new organization will have more than 500 employees across 27 branches in eight regions of Quebec.
“The pooling of each company’s resources will take place gradually over the course of 2024. This will be facilitated by the fact that PMT ROY and PMA use identical IT systems and share a similar vision in terms of business development,” the release said.
Both brokerages have financial ties with Intact and mainly do business with them, according to their respective websites.
Feature image courtesy of iStock.com/Gajus