McDougall Insurance Leads Ontario M&A Activity
Deal News | Dec 04, 2024 | EIN
Ontario has become the focal point for mergers and acquisitions in the Canadian property and casualty insurance industry. Notable moves include McDougall Insurance's merger with Cornell Insurance Brokers Ltd., Arthur J. Gallagher & Co.'s acquisition of Dawson & Keenan Insurance Ltd., and InsureLine Brokers Inc.'s launch of InsureLine (Pearl) in Brampton. McDougall Insurance, a subsidiary of Definity Financial Corporation, will integrate Cornell Insurance but retain its current staffing and branding. Arthur J. Gallagher & Co. is enhancing its Canadian operations by acquiring Dawson & Keenan, with the existing team remaining in place. InsureLine's strategy involves expanding its brokerage network while maintaining broker ownership, as demonstrated by their new franchise with Bela and Viren Gandhi. The activity reflects significant consolidation in the market, with firms like InsureLine taking a unique approach by fostering independent brokerages.
Sectors
- Insurance
- Financial Services
Geography
- Canada – The mergers and acquisitions activity is concentrated in Ontario, Canada.
- Ontario – This province in Canada is the primary location for the discussed M&A activities among insurance companies.
Industry
- Insurance – The article focuses on mergers and acquisitions within the property and casualty insurance sector.
- Financial Services – Involves transactions, mergers, and industry expansion activities within the financial sector, specifically insurance brokerages.
Financials
- Not Disclosed – Terms of the transaction between Arthur J. Gallagher & Co. and Dawson & Keenan Insurance Ltd.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| McDougall Insurance | Target Company | Company | A subsidiary of Definity Financial Corporation engaged in insurance brokerage. |
| Cornell Insurance Brokers Ltd. | Target Company | Company | An Ontario-based brokerage offering various insurance products. |
| Arthur J. Gallagher & Co. | Bidding Company | Company | An international insurance brokerage and risk management services firm. |
| Dawson & Keenan Insurance Ltd. | Target Company | Company | A retail brokerage serving personal and commercial lines clients in Northern Ontario. |
| InsureLine Brokers Inc. | Bidding Company | Company | An independent broker network that supports brokers with ownership and back-office support. |
| Definity Financial Corporation | Parent Company | Company | The parent company of McDougall Insurance. |
| John Beadle | Co-CEO | People | Co-CEO of McDougall Insurance remains part of the leadership. |
| Patrick Hogan | Vice President | People | Vice President at McDougall Insurance who continues with the brokerage. |
| J. Patrick Gallagher, Jr. | Chairman and CEO | People | Chairman and CEO of Arthur J. Gallagher & Co. |
| Larry Day | President | People | President of Dawson & Keenan Insurance Ltd. |
| Aly Kanji | CEO | People | CEO of InsureLine Brokers Inc. |
| Bela Gandhi | Franchise Owner | People | Co-owner of InsureLine (Pearl) in Brampton. |
| Viren Gandhi | Franchise Owner | People | Co-owner of InsureLine (Pearl) in Brampton. |