StoneRidge Insurance Brokers expands with Astro Insurance swoop
StoneRidge Insurance Brokers expands with Astro Insurance swoop | Insurance Business Canada
Mergers & Acquisitions
StoneRidge Insurance Brokers expands with Astro Insurance swoop
Acquired firm’s leaders to stay at the helm
Mergers & Acquisitions
By
Terry Gangcuangco
SIB Corp., also known as StoneRidge Insurance Brokers, has acquired Astro Insurance, marking the brokerage’s further expansion in Alberta. Trading since 1972, Lethbridge-based Astro Insurance is a full-service brokerage and registry agent.
Mark Swartout of Astro Insurance noted: “We have been providing superior coverage and personalized personal and commercial insurance products to meet the needs of our clients for over 50 years.
“As part of the SIB network, we can continue to provide our customers with the same high level of service they have come to expect, as well as increase our capabilities in personal and commercial lines to provide comprehensive insurance solutions for all of our customers.”
Post-acquisition, Astro Insurance will remain under the leadership of Mark and Cindy Swartout.
SIB chief executive and president Ted Puccini commented on the transaction, the financial terms of which were not disclosed: “Astro Insurance is an impressive business and presented a great opportunity for SIB to continue its expansion in Alberta.
“We are very excited to welcome Astro Insurance and Mark and Cindy to the SIB family. This is SIB’s third transaction of 2024, and we are on pace to close a transformational deal in June.”
SIB’s recent acquisitions include Seymour Fair Insurance in Ontario. In January, SIB also announced a joint venture with Robert Potts to form Accelerated Insurance & Risk Management Services.
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