Canadian insurance broker A.P. Reid Insurance has reached an agreement to acquire Wardell Insurance, a personal and commercial lines insurance broker in Burlington, Ontario, for an undisclosed sum.
According to the agreement terms, all the staff of Wardell Insurance will be absorbed by the A.P Reid Insurance.
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Furthermore, the business partners and owners of Wardell Insurance Steve Pinnington and Bruce Russell will retire from the business after helping in the transition.
A.P. Reid Insurance stated that the deal is also part of its national strategic expansion plan.
Since 2014, A.P. Reid Insurance has acquired Robert C. Davis Insurance in Ontario besides buying four companies in Alberta, including the commercial and specialty insurance broker Robinson Insurance.
A.P. Reid added that it is also planning to continue its acquisitions spree across the country even in 2019 and 2020.
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By GlobalDataUpon the completion of the transaction, Wardell’s Burlington office and A.P. Reid’s office in Waterdown, Ontario will combine into a new location to fit the growing team. Moreover, the entire Wardell team will remain with the newly merged office.
A.P. Reid president and CEO said: “We are very excited for the opportunity to have the Wardell team join our firm. Their expertise in high-touch services for their personal and commercial clients, with a special focus on VIP clientele, will integrate well with our Commercial and Group specialities.”
Part of the Storm Insurance Group, A.P. Reid Insurance was founded in 1980 and headquartered in Dartmouth, Nova Scotia.
