A busy summer for M&A at two of Canada’s largest brokerages

Summertime M&A has not been slowing down for BrokerLink and Westland Insurance who have respectively completed three and two more deals in August.

For BrokerLink, the three latest deals account for a total of twelve in 2023 thus far, focused in Ontario, Alberta and Canada’s Atlantic region. For Westland, the two deals contribute to its national expansion, and bring the brokerage into a new community.

BrokerLink has acquired Alberta-based Vegreville Insurance Ltd., and two Ontario-based brokerages — Rick Beer Insurance Inc. and AAimsafe Inc. All three deals closed Aug. 1.

Vegreville Insurance is a full-service brokerage that has offered home, commercial property, personal and commercial auto, farm and life and disability insurance since its establishment in 1971. It serves the Vegreville, Alta., area.

Rick Beer Insurance is located in Brockville, Ont., and is a full-service brokerage with home, auto, tenant, business, marine, farm and pet insurance offerings.

AAimsafe Insurance has serviced Mississauga, Ont. and the surrounding areas for the last 15 years, providing customers with coverage for their homes, vehicles, businesses and more.

BrokerLink says the three acquired brokerages are all active members of their communities and engage in charitable services — a value that aligns with their own.

For example, Rick Beer Insurance supports the Brockville Tikis, Brockville Angels, Ontario Society for the Prevention of Cruelty to Animals (OSPCA) and Humane Society, youth soccer, St. Lawrence College and more. The AAimsafe Insurance team supports Beyond the Tee, a local charity golf tournament that benefits Credit Valley Hospital, and participates in the Mississauga Football League.

“BrokerLink is dedicated to investing in the communities it serves, by being an employer of choice, developing meaningful relationships, and through charitable initiatives. The brokerages acquired are all active in their local communities, which aligns well with BrokerLink’s values.”

BrokerLink has acquired nine brokerages in 2023 so far, including: Access Insurance, Sims Insurance and Myrnam Insurance in Alberta; Donnell Insurance, WoodMar Insurance, Icon Insurance, Faulkner Insurance and G. Kranz Insurance in Ontario; Kent & White Insurance in Atlantic Canada.

For its part, Westland Insurance has acquired two P&C brokerages this month: Hubbard Insurance Group and Assurance B. Belliveau Insurance Inc.

Hubbard Insurance Group is an Ontario-based, family-owned brokerage that has served the Mississauga area for 35 years. The company has two divisions: Hubbard Insurance Brokers, a P&C brokerage with a commercial insurance focus, and Hubbard Financial Services, which provides group benefits, life insurance, and group disability.

Hubbard’s P&C division will strengthen Westland’s commercial lines pool, while its financial services division will add to Westland’s rapidly growing group benefits vertical, the consolidator wrote in a press release.

“We are merging our operations with Westland Insurance, Canada’s leading independently owned insurance brokerage,” Hubbard’s website reads.

“This move is strategic on our part, not only for our client partners but also our entire team. Westland brings scale that greatly expands the ‘tool box’ available to serve our clients on a truly national and international level. We are thrilled to partner with, and become shareholders of Westland, a company so closely aligned with our own culture.”

Next, Assurance Belliveau Insurance has served the Dieppe, N.B. area for over three decades. It’s a multi-generational family-owned business offering personal and commercial coverage.

For Westland, the acquisition is of strategic importance to the brokerage as it further expands in Atlantic Canada.

“…Atlantic Canada has long been a focal point for Westland, and this acquisition marks a significant step forward in achieving that goal by bringing Westland into a new community,” the release read.

Westland announced the acquisition of Andrew Agencies Ltd., one of the largest full-service insurance and financial services firms in the Prairies in July. The brokerage also acquired Ontario-based brokerages MYCOR Insurance Solutions Inc. and Murphy Insurance Services Inc. in June.

 

Feature image by iStock.com/Zhanna Hapanovich