Macdonald Chisholm Trask (MCT) Insurance has purchased the personal home and auto insurance lines of the NL-based agencies Cal LeGrow Insurance and Newfoundland Insurance Agency.
Terms of the sale were not disclosed.
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A spokesperson for Cal LeGrow told
CBC that it had sold off its personal lines to focus on “the growth areas of commercial insurance and financial solutions in Atlantic Canada.”
MCT regional director Liz Cosgrove said that following the purchases, it will be “business as usual” for the customers of both agencies. She said that, eventually, MCT will contact all the policyholders and advise them of the situation.
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“Over time, they will notice a branding change on all our correspondence,” Cosgrove explained.
Cal LeGrow has confirmed that there will be no layoffs following the acquisition.
“All existing personal insurance policies brokered by Cal LeGrow remain in force, simply shifting to the new brokerage firm,” said chairman and CEO Jeff LeGrow.
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