StoneRidge Insurance Brokers (SIB) announced Dec. 13 that it has acquired John Stark & Company (Stark).
StoneRidge, headquartered in Ancaster, Ontario, is an independent provider of insurance and consulting services, whose platforms include an insurance brokerage, MGA/MGU, group benefits and an adjusting firm. The acquisition of Stark will enable it to expand its personal, commercial and life insurance offerings, says the company.
Stark, founded in 1870, is a full-service insurance brokerage that services central and southern Ontario. It has offices in Barrie and Coldwater.
"After 150 years, we are excited to pass along ownership of Stark to SIB, who we believe will be able to continue understanding our customers' needs and offer competitive premiums to achieve the right solution," stated Colin Stark.
Stark is the eighth investment that SIB has made since partnering with CIVC Partners, LP, a private equity firm in November 2019. In a statement, the company said it is committed “to growing organically and through partnership investments across Canada and is actively seeking partnership/acquisition opportunities.”
"SIB has completed five transactions so far in 2021, including four joint venture transactions and one full acquisition, with another transaction expected to be completed by year end" said Ted Puccini, SIB's CEO and President. "We hope to continue this momentum into 2022 with two transactions expected to close early next year."
