The Canadian Press
TORONTO - Canadian Broker Network is expanding into the wholesale insurance market by acquiring Intact Financial Corp. affiliate South Western Insurance Group for an undisclosed price.
The Toronto-based company said the purchase will complement its existing activities with insurance companies by providing brokerages with specialty and niche insurance markets.
"With more than 50 years supporting brokers, South Western's growth potential is significant thanks to its strong industry relationships, experienced professionals and unique underwriting expertise in niche and specialty insurance products," stated Canadian Broker Network (CBN) chairman Daryn McLean.
Intact (TSX:IFC) president Louis Gagnon said CBN is the "perfect organization" to help South Western to realize its growth potential.
After the deal closes by year-end, South Western will operate as an independent subsidiary of CBN with its own leadership team, name and brand.
CBN is a group of nine leading, independent commercially oriented insurance brokers that write more than $750 million in property and casualty premiums annually.
Intact Financial is the largest provider of property and casualty insurance in Canada, offering home, auto and business insurance through Intact Insurance, belairdirect, Grey Power, BrokerLink and JEVCO brand names.