Montreal, QC (Oct. 16, 2014) – Damage insurance firms EssOR Insurance, Pratte Morrissette Inc., and Assuraction Inc. have announced the signing of an agreement in principle to create a new entity called EGR. This company, which will specialize in risk management, insurance and surety bonds, will group together damage insurance brokerage services for medium and large businesses, including specialized lines.
With an estimated premium volume of over $150 million, EGR will rank among the five largest insurance brokers in its niche in Quebec. The President of the company will be Louis Bélanger, currently CEO of Pratte Morrissette. He will be assisted by Richard Drouin in the role of Executive Vice President and Simon Marchand-Fortier as Vice President of Operations. Currently, Mr. Drouin is President of Assuraction and Mr. Marchand-Fortier is Vice President of Pratte Morrissette.
“To us, this alliance seemed natural, since we all share corporate values and cultures based on talent development, high-quality customer service and the desire to continually improve our processes,” explains Louis Bélanger. “Together, we’ll be able to offer our clients better representation with insurers, access to new markets and a stronger presence in Quebec.”
“Our complementary areas of expertise and financial health will place us in a favourable market position,” adds Michel Duval, future Chairman of EGR’s Board of Directors. “These factors will allow us to pursue our growth strategy in an industry in the midst of consolidation.”
“With EGR, we want to stand out from the competition and provide a unique working environment to attract and retain the best talents in the industry,” affirms Richard Drouin. “Our business model will be largely inspired by our past practices, which are based on the personalization of services. We are convinced that we will succeed thanks to our excellent reputations in the industry and our continuing desire to forge real partnerships with our clients and insurers.”
EGR will have nine offices and will employ over 150 people, including a team of specialized brokers in every major economic hub along the Québec-Montréal axis. This new team will include specialized brokers assigned to risk marketing, safety practitioners, legal experts, and adjusters.
EssOR Insurance will continue its personal lines and small business damage insurance brokerage activities. Michel Duval will remain as President, in addition to chairing EGR’s Board of Directors. With a premium volume of more than $140 million, EssOR Insurance will have 14 offices across Quebec and nearly 230 employees.
The parties plan to finalize this transaction before the end of 2014. Until then, the operations of each of the companies will remain unchanged.
About Pratte Morrissette
Founded in 1969, Pratte Morrissette was a long-time member of an international damage insurance brokerage firm. A Quebec leader in risk management, insurance and surety bonds, Pratte Morrissette provides its services to companies from across the province. The firm is located in the city of Québec and employs about 40 people.
About EssOR Insurance
EssOR Insurance was founded in 1958, following the acquisition of a damage insurance firm in Thetford Mines (founded in 1908). Over the years, the firm has extended its activities through a series of acquisitions across the province. Today, it is one of the top damage insurance firms in Quebec, operating 14 offices province-wide. Over 100,000 clients place their trust in EssOR.
Assuraction is a firm specializing in risk management, insurance and surety bonds. It employs over 50 people in offices in Drummondville, Ville St-Laurent and Victoriaville. The firm offers a wide variety of products and services to businesses throughout Quebec. Founded 70 years ago, it serves over 2,000 companies.