BrokerLink Inc. announced April 8 that it has completed the acquisition of two more Ontario brokerages and has also acquired a commercial book of business from a third firm. All three transactions closed on April 1.
The Intact Financial Corporation subsidiary confirmed to the Insurance Portal that the acquisitions are the second, third and fourth for the company in 2024, so far.
The two Ontario-based brokerages being acquired include M. Edward Powell Insurance Brokers Ltd. of Oakville, and Russ Bastow Insurance Broker Ltd. of Ajax. Powell Insurance Brokers was founded in 1954, while Russ Bastow Insurance Brokers was founded in 1969.
Powell’s principals David and Jeff Powell say they will assist with the transition, with Jeff Powell staying on in the company as director of strategic initiatives. The firms make no mention of transition plans for Bastow Insurance in the announcement about the firm’s acquisition.
Commercial insurance book of business
Finally, BrokerLink announced that it has acquired the personal and small to medium enterprise commercial insurance book of business from Halpenny Insurance Brokers Ltd. Following the completion of the deal, Halpenny’s operations and its employee benefits and retirement programs, VIP and high net worth personal lines and affinity business insurance books will remain intact in Ottawa and across Canada.
