May 10, 2021 — COLLECTIVFIDE Insurance Group, the brokerage operation launched by mutual insurers, has acquired Barrie, Ont.-based R.K. Mooney Insurance Brokers.
R.K. Mooney has operated for more than 30 years, offering a full range of insurance products, including both personal and commercial lines.
Cambridge, Ont.-based Collectivfide was formed in 2019 and made its first acquisition last June, taking a majority stake in Alliston, Ont.-based brokerage Doner- Horsley.
It then acquired a majority stake in Ayr, Ont.-based Dbi Brokers in September and earlier this year it took a similar ownership position in TG Group of Owen Sound, Ont.
Collectivfide said it is committed to protecting the independent broker distribution channel.
“One of the main goals of Collectivfide — one of our reasons for being, really — is to protect mutual volume through the acquisition of high quality brokerages with sizeable mutual books,” said Tony Ngo, company president and CEO.
“We are making good on this promise to our mutual shareholders.”
“We look forward to working with R.K. Mooney’s management team and staff so the company can continue to serve its valued clients in Simcoe County and area,” Mr. Ngo said.
“As we do with all our broker partners, we will strive to ensure that R.K. Mooney always has access to the resources it needs to continue to build relationships, both with its clients and its insurer partners — whether mutual or stock.”
(For more independent coverage of Canadian p&c industry news and trends, please choose the ‘Subscribe’ tab on our main page or email firstname.lastname@example.org for more information).