Brokerage advances

Calgary-based brokerage network Canada Brokerlink Inc. (TSE: CKK) has disclosed plans to purchase back approximately 5% of its issued normal shares (1,794,233 shares). This step is in response to what the company believes as being a current under-valuation of its share price. According to a statement issued by the board of directors, the repurchase of stock at current prices is “advantages to shareholders”.

Toronto-based CG&B Group has merged with two other brokerage firms serving the greater area of the city, H. Later & Co. Ltd. and Haney & Bowden Ltd. Both brokerages are family run and have been in operation for 50-plus years. The additional revenue of the operations will boost CG&B Group’s total annualized premium income to more than $55 million. The principals of the two firms, Larry Later and Craig Bowden, will become full partners of CG&B Group.

Toronto-based The Hub Group Ltd. (TSE: HBG) has added five independent brokerages to its network.

The firms are Evans-Bastion Insurance Agencies Ltd. Of Nanaimo, B.C., Cambridge Insurance Brokers Ltd. Of Abbotsford, B.C., Page Insurance Ltd. Of Drumheller, Alberta, Pro-Form Insurance Services Inc. of Aurora ,Ontario, and Assurance Murdoch, Crevier Inc. of Dollard des Ormeaux, Quebec. Combined, the operations account for about $9 million in annual premium income.

Calgary-based Hi-Alta Capital Inc. (TSE: HIA) has acquired commercial brokerage Kenmex Corp Ltd. Of Red Deer, Calgary, boosting the network’s total annual premium income to more than $100 million. Kenmex accounts for about $10 million in annual sales. Senior staff of Kenmex will be retained with Cam Scheelar appointed president of the brokerage and Leon Oosterhoff as vice president.