Brokers continue to merge in Ontario and Quebec | Canadian Insurance

Brokers continue to merge in Ontario and Quebec

The changes lead to more brokers for McDougall Insurance and Financial and ESSOR Insurance

The number of individually owned brokerages continues to shrink in Canada.

Peterborough, Ont.-based Monkman Gracie Johnston Insurance has joined forces with McDougall Insurance and Financial. All Monkman Gracie Johnston employees and managers, including the current owners Eric Monkman and Dave Smith, remain with the organization. In addition, Monkman Gracie Johnston will continue to operate out of its Peterborough office.

Related: Two central Ontario brokerages launch Sentinel Risk Insurance Group

The merging of the two brokers forms “an independent broker with 30 offices in Eastern Ontario and the Ottawa Valley and 330 employees with over $250 million in property casualty premium and a strong and rapidly growing financial services division,” states the brokerages’ announcement.

In Quebec, Généralys assurance is teaming up with ESSOR Insurance. Généralys has offices in the regions of the Capitale-Nationale, Quebec City and Charlevoix. Généralys relies on a team of 80 professionals and generates a premium volume of nearly $46 million.

“Our organizations share a similar culture and business model that will continue the tradition of excellence that Généralys clients are used to,” says Michel Duval, president of ESSOR Insurance, in a statement.