American brokerage continues Canadian expansion

United States brokerage NFP has acquired Toronto-based McLean Hallmark Insurance Group as part of its strategy to expand into the Canadian market.

McLean Hallmark has offices in Toronto, Markham and Mississauga and Halifax. It offers property and casualty coverage in specialized areas like trucking, car dealerships, moving and storage, marine and surety. It also services high-net-worth private client insurance, as well as employee benefits and pension services.

NFP says the deal will strengthen its current offerings and expand its ability to work with individual and corporate Canadian clients. Billing itself as the fifth-largest privately-owned broker in the U.S., NFP closed the deal on July 2 and announced it July 11.

McLean Hallmark CEO Daryn McLean will move into the role of managing director of commercial insurance at NFP Canada. Chief operating officer John Belyea will be senior vice president of integration at NFP.

McLean Hallmark was originally founded as Moore McLean Insurance Group in 1975 by Fred McLean and George Moore. It acquired Dale & Morrow in Brampton in 2008 and Markham’s Hallmark Insurance Brokers and Navigators Insurance Brokers in 2016. The company has more than 130 employees and reported a premium volume of more than $105 million.

NFP made its first Canadian P&C acquisition in late 2017, when it acquired Ancaster, Ont.-based Dalton Timmins Insurance Group.