One insurer looking to expand its distribution system in the Atlantic region has just closed a deal with one New Brunswick brokerage.
The Co-operators General Insurance Company announced that its wholly-owned subsidiary has purchased all of the issued and outstanding shares of a company that operates Drost Insurance Brokerage in Bath, N.B.
“This acquisition fits well with our growth strategy, which calls for an expansion of our distribution system in the Atlantic region and throughout Canada,” said Kathy Bardswick, President and CEO of The Co-operators. “We look forward to helping our new clients get the insurance and investment products they need to achieve financial security for themselves and their families.”
The brokerage's portfolio includes approximately $2 million in premiums from home, auto, farm and commercial insurance policies.
Current clients of the brokerage will be notified of the change in ownership and their insurance coverage will remain in effect with no changes to their premiums or coverage for the current term of their policies, said Bardswick.
As current policies expire, clients will be offered comparable policies from The Co-operators.
Prior to the closing of this transaction, The Co-operators had 14 financial advisors throughout New Brunswick.
The principal of the brokerage, Michael Blanchard, will remain with The Co operators to help with the transition for a one-year period following the closing.
The Co-operators Group Limited has more than $36 billion in assets under administration, and is listed among the 50 Best Employers in Canada by
Aon Hewitt; Corporate Knights' Best 50 Corporate Citizens in Canada; and the Top 50 Socially Responsible Corporations in Canada by Sustainalytics and Maclean's magazine.
