Brokerage expands into Yukon with acquisition

Western Canadian independent insurance brokerage CapriCMW Insurance Services Ltd. announced Monday it has expanded into Yukon with the acquisition of an office from Aon Reed Stenhouse Inc.

The longstanding Aon office at 201-9016 Quartz Road in Whitehorse will begin operating as CapriCMW, effective March 2, CapriCMW said in a press release. It is CapriCMW’s 15^th location in Canada and its first outside of British Columbia and Ontario.

“We are thrilled to be welcoming Greg and Dayna Woodford and the Whitehorse team to the CapriCMW family,” said Andrew Kemp, president of CapriCMW. “They bring substantial industry and regional expertise that will help us deliver even more value to our clients, employees, industry partners and communities.

“We believe the Yukon territory is rich in opportunity,” Kemp told Canadian Underwriter. “This acquisition in particular includes a longstanding office location that has been consistently successful throughout its time in business with the same leadership. We are excited to be bringing on this experienced team with their specialized expertise in First Nations communities, public sector and more.”

There will be no change to the day-to-day operations of the Whitehorse office. “Clients can expect the same direct, personal service from the same dedicated staff. Service will not be disrupted and existing processes will not change.”

Are there any unique insurance challenges in the territory? “There has been investment in Whitehorse and surrounding areas in terms of its infrastructure and services. We view Whitehorse as being comparable to many of the communities that we serve and operate in throughout the interior and northern British Columbia,” Kemp said.

CapriCMW says the development is another step towards achieving more scale and capabilities to better serve their clients’ insurance and risk management needs nationwide, and further reinforce their position as one of the largest independent insurance brokerages in western Canada.

Created through the merger of CMW and Capri Insurance, CapriCMW is an employee-owned insurance and risk management company with decades of experience and specialized expertise. With over 400 professionals, CapriCMW offers a wide range of professional expertise spanning a multitude or industries, products and services, including personal and commercial insurance. It is part of the Canadian Broker Network.

Does CapriCMW have any plans to move into other provinces/territories besides BC, Ontario and Yukon? “CapriCMW recently made a substantial equity investment in Rogers Insurance based in Calgary, Alberta,” Kemp said. “We are always seeking new opportunities to expand our service capabilities nationwide (and further) while remaining independent and employee-owned.”

In other brokerage M&A news, McDougall Insurance and Financial announced its second acquisition of the year Thursday, when it had merged with Asselin Insurance Brokers Ltd. effective Jan. 8. With a history going back over 75 years, Penetanguishene, Ont.-based Asselin has a premium volume over $7 million, with 90% coming from the personal lines side.

All employees from Asselin will remain with the organization and their office location, phone number and name will not change. McDougall said Asselin is “on the edge of our trading area in central Ontario, and they are an excellent fit for our organization in every way, especially with their proximity to our Midland office.”

Current owner Rene Asselin will continue to run the branch after the merger. He represents the third generation of the Asselin family, including his father Ron who remains active in the brokerage, and his grandfather Romeo, who founded the business in 1943.

On Jan. 7, McDougall merged with Provenance Insurance Services, which operates as Knox Hutchison Insurance Services (North Bay), Municipal Insurance Services (North Bay) and Dynamic Insurance Brokers (Sudbury).

Provenance and its 30 employees joined McDougall to form an independent brokerage with nearly 40 offices in Ontario, more than 400 employees and over $370 million in P&C premium.