CALGARY, May 6 2008 – The Standard Insurance Brokers Ltd. and Canada Brokerlink today announced that they have entered into a Letter of Intent whereby The Standard will acquire Canada Brokerlink’s Northwestern Ontario offices in Kenora, Sioux Lookout and Red Lake, as well as the office in Dryden operating as Skillen-Squire. The acquisition is subject to certain conditions and the terms of the agreement have not been disclosed.
The Standard has been operating in Northwestern Ontario since 1897 and the acquisition of these four offices will increase The Standard’s market share in the area by approximately 50 percent.
“Growth has always been an important part of Standard’s long-term strategy,” said Brian Ingo, CEO of The Standard Insurance Brokers. “Over the years we have extended our reach in Northwestern Ontario, Manitoba and Saskatchewan. This acquisition will be a major milestone for our organization and will enable us to better serve our customers. It will also expand our talent pool considerably and we look forward to welcoming the Canada Brokerlink employees from these offices into The Standard family.”
Established in 1991, Canada Brokerlink is the fourth largest insurance brokerage in the country.
“Our long term strategy at Canada Brokerlink continues to be to expand our community presence and build on our value proposition of delivering insurance in person,” said Tom Reid, Chief Operating Officer for Canada Brokerlink. “Both Canada Brokerlink and The Standard have built a substantial community presence across Northwestern Ontario over the years and the merger of our offices into The Standard will create long term opportunities for our employees and clients.”
About The Standard Insurance
The Standard Insurance has been providing risk management services in Northwestern Ontario since 1897. As local members of the community, the Standard offices are uniquely qualified to meet the needs of the communities they do business in: Manitoba, Northwestern Ontario.
About Canada Brokerlink
Canada Brokerlink is the largest Canadian owned property and casualty insurance brokerage serving the Personal, Commercial, Group and Financial Services needs of more than 200,000 clients in Ontario and Alberta. Established in 1991 with over 50 offices, Canada Brokerlink delivers Insurance. In Person.