M&A frenzy continues with multiple deals announced

Correction: The article has been amended to show Andrew Agencies has 22 locations, not 200 as previously reported. Canadian Underwriter apologizes for the error. 

 

On the heels of separate deals that closed at the beginning of the month, large Canadian P&C brokerages Westland Insurance, BrokerLink and Acera Insurance have again announced new M&A activity.

Westland acquired Andrew Agencies Ltd., BrokerLink acquired Access Insurance Group and Acera Insurance merged with Rogers McLean Shaw Insurance Ltd.

On Wednesday, Westland announced the acquisition of Andrew Agencies Ltd., one of the largest full-service insurance and financial services firms in the Prairies. With 22 locations throughout Manitoba, Saskatchewan and Alberta, Andrew Agencies is well-known for its agriculture/farm, small- to medium-sized commercial, homeowners and auto insurance offerings.

“With this addition, Westland continues its growth across Canada and significantly extends its reach in central Canada,” Westland said in a press release.

The deal follows Westland’s acquisition of Ontario-based brokerages MYCOR Insurance Solutions Inc. and Murphy Insurance Services Inc., both of which closed June 1.

For its part, BrokerLink closed its largest acquisition of 2023 with Access Insurance Group, effective July 1. This follows the brokerage’s recently announced acquisition of Ontario-based Donnell Insurance Brokers Ltd. and New Brunswick-based Kent & Whale Insurance Ltd., also both effective July 1.

BrokerLink’s largest acquisition of the year allows the brokerage to expand its Alberta footprint in Edmonton, Lacombe, Red Deer, Stony Plain, Lloydminster and surrounding communities. Access Insurance has provided personal and commercial insurance to western Canada for more than 40 years, including home, auto, pet, farm, travel, commercial real estate, construction and surety, hospitality and food service, and oil and gas insurance, among others.

“Brokerage employees are passionate about the broker distribution channel down to grassroots, with active board members on the Insurance Brokers Association of Alberta and the Professional Young Insurance Brokers,” BrokerLink said in a release Monday.

Albert Pol, BrokerLink’s vice president for Alberta, said the brokerage is “excited about the new talent and expertise, unique offerings and new locations being served.”

Acera Insurance’s merger of operations with Edmonton-based Rogers McLean Shaw Insurance Ltd., means the latter brokerage will fully transition to become Acera Insurance. Rogers McLean Shaw has been providing personal and commercial insurance for more than 65 years, including home, auto, travel, agriculture, aviation, forestry, hospitality, oil and gas, sports and manufacturing insurance.

Acera Insurance had previously expanded its operations in central Alberta with the partnership of long-standing brokerage Rushton Agencies Ltd. That deal closed on June 30.

Acera Insurance’s partnership with Rogers McLean Shaw dates back to 2020, when Rogers Insurance — one of the founding firms of Acera Insurance — purchased a significant minority interest in Rogers McLean Shaw. Acera Insurance was formed following the merger of CapriCMW and Rogers Insurance in September 2022. The brokerage is widely owned by its employees, with more than 550 dedicated employee-owners, including 55% of Rogers McLean Shaw staff.

In other M&A news, SIB Corp. (StoneRidge Insurance Brokers) partnered with McCulloch Insurance (1951) Ltd. and Delbert R. Smith Insurance Brokers Ltd.

Full-service brokerage McCulloch Insurance has been serving northern Ontario’s Espanola, Elliot Lake, Manitoulin Island and North Shore areas for more than 70 years. It offers home, auto, cottage, commercial property, liability and auto, as well as group and recreational insurance.

Family run brokerage Del Smith Insurance was founded in 1971. Based in Orleans, Ont., it offers auto, residential, commercial, travel, and pleasure craft and recreational vehicle insurance.

“These partnerships demonstrate our continued focus on growing in Ontario and as a national broker,” said SIB president and CEO Ted Puccini.

The latest deals are SIB’s fourth and fifth transactions so far in 2023, with three additional ones expected to close within the next 60 days, Puccini reported.

 

Feature image by iStock.com/cagkansayin