Archway Insurance Closing Largest Atlantic M&A Insurance Deal for 2019
Archway Insurance, one of Atlantic Canada’s fastest growing insurance brokerages, will nearly double its footprint in New Brunswick following a mega-deal to acquire three brokerages and seven new offices across the province, effective July 1, 2019.
Through the purchase of Shaw Insurance Agency Ltd., Solutions Assurances 360° Inc. and J. & N. Assurances Ltée., Archway will welcome employees from seven locations and a client base representing close to $20M in premium volume. Combined, the deal represents the largest M&A deal within the region this year.
“It’s exciting to see Archway Insurance continue to grow throughout the province of New Brunswick and enter new communities,” says Archway Insurance President Gina McFetridge. “This acquisition will add significant value to the acquired brokerages through increased expertise and choice in commercial, personal, group benefits, and life insurance options for existing and future clients.”
Five of the seven locations are in new communities. Over time, the plan will be to bring employees and offices together in Grand Falls and Edmundston where Archway already has offices. Former owner Andrew Page will join Archway Insurance, with the other ownership group exiting to pursue other opportunities.
“I’m excited to become a part of the Archway Insurance team and look forward to helping employees have a successful transition to the new company,” says Page. “Archway has an excellent reputation and I know our clients and employees will be in good hands under the strength and leadership of this expanding brokerage.”
This deal is the third acquisition announcement for Archway this year, and the second in New Brunswick. Earlier this spring they added Hall & Fairweather in Saint John and George Mitchell Insurance in Liverpool.