Acera announces fifth Ontario deal of the year
Acera Insurance Services Ltd. has announced its fifth M&A deal in Ontario this year with the addition of its newest partner, Pacific Insurance Broker Inc. of Richmond Hill.
The fifth partnership deal in Ontario in 2024 marks Acera’s continued expansion in the Greater Toronto Area (GTA), where it has offices in Aurora, Brampton, Burlington and Newmarket, Acera says in a press release Wednesday.
For its part, Pacific Insurance opened in 1976 with a team of four. Today, the multilingual firm is backed by a team of more than 50 personal and commercial insurance brokers. Clients can speak to brokers in English, Cantonese, Mandarin, French, Korean or Hebrew, Pacific Insurance says on its website.
“With a heavy concentration in commercial insurance, the firm sought out a partner who would help round out the solutions they offer clients,” Acera says in its press release.
“Acera Insurance is a full-service brokerage that uniquely has dedicated teams specializing in group benefits and specialty solutions for high-net-worth individuals,” says Bruce Rabik, Acera’s chief operating officer. “We’re pleased to partner with firms such as Pacific Insurance who look at their clients’ needs holistically and want to provide customized end-to-end solutions.”
Although Pacific Insurance specializes in commercial insurance, it also offers home, auto, travel and life insurance. The brokerage’s offerings include general liability, professional liability, commercial auto, commercial property and builder’s risk insurance, according to its website. Specific industry products include contractors, hospitality, accountants, health and fitness and professional offices.
Pacific Insurance president Samantha Hui says, “remaining independent was a very important factor for us when looking to grow, which made Acera Insurance an ideal partner. We pride ourselves on providing our clients with the best service, including offering impartial options and solutions that work in their best interests — this is something only a truly independent brokerage can offer.”
The partnership closed at the beginning of August, and the firm will eventually transition to become Acera Insurance.
Acera notes Ontario remains a hotbed for mergers and acquisitions. In Ontario, Acera has offices in Bath, Hamilton, Huntsville, Kingston, London, Ottawa and Welland, in addition to its five GTA locations.
Its other M&A deals in Ontario this year include:
Kingston, Ont.-based Dorey & Tolgyesi Insurance, the largest independent brokerage in the city, with a second location in Bath. Dorey & Tolygesi offers auto, property, commercial and group insurance.
KRS Insurance Brokers Ltd., a specialized commercial brokerage based in Newmarket. The brokerage was formed in 2011 and specializes in providing coverage for pet care and beauty service professionals.
Burlington-based Green Benefits Group Inc., providing group benefits and financial consultation to businesses within the GTA and Hamilton area for the past 15 years.
Dominion Group Benefits, based in Hamilton. Dominion has been providing life, disability, health and dental, and retirement benefits since 1991.
Feature image by iStock.com/Tippapatt
