[CORRECTION: A previous headline in the April 12 E-newsletter suggests the Tim Horton's brokerage business and the Mitchell Abbot Group were acquired by CG&B Group. This is not correct, and the article has been updated to correct the record. Insurance Business apologizes for the error.]
The CG&B Group Inc. has acquired the majority of assets of Believer Plus Insurance Brokers Ltd., with plans to move Believer's operations in Hamilton over to CG&B’s Mississauga office.
Believer Plus Insurance Brokers has been in the personal lines insurance business since 1997.
Believer Plus created the Sledder’s Choice Insurance Program for Snowmobilers, which was originally designed for Ontario Federation of Snowmobile Club (OFSC) members. The brokerage advertises using the image of Hockey Night in Canada commentator Don Cherry.
Larry Later, CG&B president and CEO, said his full-service brokerage was interested in the brand name, the Sledder’s Choice program, and other synergies as a result of the deal.
“I’m not a big believer in doing an acquisition for the sake of doing an acquisition,” Later told Insurance Business. “If 2+2 just equals 4, then there’s no use doing it. The idea is to drive synergies from the deal by taking that existing business and then consolidating it, and integrating it with our larger operation in Mississauga and ultimately drive a better bottom line.”
This is the 16th acquisition for CG&B over the past 14 years. Including the acquisition with Believer, CB&G will have 225 employees and $175 million annual premium volume.
CG&B is a full-service insurance brokerage offering all lines of property and casualty insurance from offices in Markham, Mississauga and Toronto. It also offers life, group, health and accident and sickness insurance.
“The business we purchased is regular P&C business, so it’s not anything outside the norm,” said Later. “We are adding to our pot, if you will.”
