Acera Insurance Services Ltd. is merging with Prizm Financial Inc. to expand its benefits division.
The deal follows an ongoing trend of P&C firms expanding their offerings into the financial services realm by becoming one-stop shop for their commercial and personal clients. In buying benefits firms, P&C brokerages are capitalizing on the steady retirement of owners of small- and medium-sized retirement planning, wealth management and employee benefits firms.
Acera says its acquisition of Prizm will make it a “leader in the Canadian group benefits market.”
Prizm Financial is headquartered in Calgary, with a second location in Campbell River, B.C. It tailors group health and retirement solutions for all business sizes as well as wealth management for high-net-worth individuals.
“On behalf of Acera insurance, I am excited to welcome the talented professionals of Prizm Financial,” Tony Fairfield, Acera’s president of group benefits. “This industry-leading team’s dedication, knowledge, and resources complements our efforts to expand the employee benefits, retirement and insurance solutions we provide across Canada.”
Prizm Financial will fully transition to become Acera Benefits in the coming months. Acera currently has 1,000 employees in more than 60 offices across the country and writes $1 billion in gross written premium.
This latest merger follows on the heels of two other Acera deals — one with Edmonton-based Rogers McLean Shaw Insurance, and another with Alberta-based Ruston Agencies — both announced in the last month.
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