Oct. 5, 2020 — COLLECTIVFIDE, an ambitious new brokerage operation owned by mutual insurers, has acquired a majority stake in Ayr, Ont.-based multi-line intermediary dbi Brokers.
It is the second such deal announced this year by Cambridge, Ont.-based Collectivfide following its acquisition of a majority stake in Doner-Horsley Insurance Brokers of Alliston, Ont. in June.
Collectivfide CEO Tony Ngo said the company is planning to become a significant owner of independent p&c brokerages.
“We believe that the strategy of securing ownership of independent brokerages will help us reach our dual goal of protecting the independent broker distribution channel while ensuring that Ontario’s mutual insurance sector continues to thrive,” he said in announcing the latest deal.
Dbi Brokers has been operating for almost 90 years and has offices in Simcoe, Paris, Ayr and Goderich. It grew out of an operation started in Ayr in 1931 by G.S. Dalrymple that was renamed dbi in 2016 following a series of acquisitions and amalgamations.
“Collectivfide’s management and board of directors will endeavour to ensure that dbi has access to everything it needs to continue its dedication to customer service while also growing the business in a way that makes sense,” Mr. Ngo said.
Prior to joining Collectivfide last year, Mr. Ngo spent 11 years with BMO Financial Group, most recently as director of strategic initiatives and business development.
Collectivfide’s board of directors includes chair Marg Torrance, CEO of Halwell Mutual Insurance; Brian Downie, CEO of West Elgin Mutual Insurance; Dufferin Mutual Insurance CEO Ed Forbes; West Wawanosh Mutual Insurance director Mary Garriock; Grenville Mutual Insurance chair Paul Henderson; Doug Patton, director of Dumfries Mutual Insurance, and Christine Van Daele, president of Westminster Mutual Insurance.
Independent directors are Alex Gallacher, managing director of human resources consulting firm Engage, and Glenn McGillivray, managing director of the Institute for Catastrophic Loss Reduction.
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