CapriCMW and Rogers Insurance announce merger
British Columbia-based CapriCMW and Alberta-based Rogers Insurance have announced that they have merged and will be known as Acera Insurance.
The merger will create a company with 1,000 employees located in more than 50 offices across Alberta, B.C., Ontario and Yukon. It will become one of Canada’s largest independent brokerages with $1 billion in gross written premium, Rogers Insurance said in a press release Tuesday announcing the deal.
The independent and employee-controlled companies consolidate a wide range of professional expertise and decades of experience in custom insurance, risk management and group benefits. Both brokerages offer a variety of personal and commercial insurance, including home, auto, transportation, travel, cyber liability and aviation, among many others.
Acera Insurance Services Ltd. will be led by chairman and president Andrew Kemp, CEO Lee Rogers and chief operating officer Bruce Rabik.
“Rogers Insurance and CapriCMW have had a collaborative relationship for nearly 20 years and together will achieve additional scale and capacity, creating valuable opportunities for new and long-term employees,” the release said. “With over 350 employee shareholders, the unique employee share ownership model that has been integral to the success of both companies will remain a central part of ongoing plans for attracting and retaining talent, enabling team members to share in their impact on the company’s ongoing growth and invest in its future.”
As part of the transaction, Acera Insurance will bring on Clairvest, a Toronto-based middle market private equity firm, as a minority partner. “Clairvest will help support the company’s long-term strategy for sustainable growth while remaining independent and employee controlled. Moving forward, they will work together in identifying Canada-based brokerages with complementary values, cultures, products and services, who are interested in scaling with an alternative to the acquisition model prevalent in the insurance industry today.”
Kemp said Acera Insurance “will continue focusing on our growth across Canada, leveraging the stability and strength of the deep expertise, insights and experience of both companies. We are excited for this next chapter as we unite as one company, expanding our capabilities to deliver new products, services and solutions.”
Acera Insurance provides custom and risk management solutions for personal and commercial clients nationwide, including “comprehensive employee benefits capabilities.” The name Acera is derived from the word “Acer,” the genus (or scientific family name) for the Maple tree. “The name symbolizes the depth and strength of the new organization while recognizing the history and core values of two locally owned companies, reflecting the combined entity’s future as it expands nationwide.”
Feature image by iStock.com/howtogoto
