On October 7, Yvan Malouin, president of Malouin Assurance, announced on his LinkedIn page that his company has acquired Morin Assurances.
This was not the first time that the Morin brothers had been approached by potential buyers. In the past few decades, several competitors inquired about their intentions to sell their business. John Morin says that not only did Malouin come along at the right time, but the fact that the two firms had fairly similar backgrounds, both in terms of their history and their values, convinced him he had found the right buyer.
“I have known this company for 25 years," John Morin says. “We are both family businesses and have a shared appreciation for the brokerage profession. We both have pictures of our fathers on our walls. In short, we have a lot in common."
Yvan Malouin says this transaction will open up a whole new market for his firm, especially given its location. "We are finally setting foot in Montreal, in a district where there are no other firms, and where the Morin brothers have established a solid reputation, particularly in the pleasure boat sector. This is a new niche for us.”
With this acquisition, Malouin Assurance, founded in 1962, will boost its growth potential from $23 million in premiums to $27 million. What’s more, John and Peter Morin's employees were promised that they would keep their jobs. Even after joining the Malouin Assurance fold, Morin Assurances will keep its name, which has been well known to the public since the firm emerged in the 1940s. The two Morin brothers will also be joining this new extended business family, but in an advisory and support capacity rather than in decision-making roles.
“All the same,” Yvan Malouin says, “given their vast experience, their recommendations will definitely be taken into consideration very seriously!”
Insurance Journal will cover this subject further in its next edition.
