Insurer FORT Insurance coverage and brokerage firm Gaudreau Assurances have entered right into a merger deal to grow to be one of many main brokerage companies in Quebec.

The businesses didn’t disclose the monetary phrases of the deal.

With $200m in premium quantity, the brand new enterprise will probably be named Fort Insurance coverage & Group Advantages.

The brand new entity will probably be led by CEO Vincent Gaudreau whereas Stephan Bernatchez will take over because the board chairman.

Gaudreau stated: “I’m assured that the mixed experience of our two corporations will profit our purchasers and our inside group.

“With a stronger voice, we’re propelling ourselves to new heights.” 

The brand new firm can have a workforce of 220 staff, together with 17 worker shareholders at three places of work in Canadian cities, specifically Westmount, St-Michel, and Quebec Metropolis.

The enterprise mixture will facilitate bolstering the capabilities of the group and creating enhanced customer support.

In reference to the merger deal, FORT companions with the Fonds de solidarité FTQ, which made an funding to again the brand new enterprise.

This partnership will make the brand new enterprise the one Quebec-based harm insurance coverage dealer to enter right into a collaboration with a significant growth capital community.

Fonds de Solidarité FTQ personal fairness and impression investments vice-president Saloua Benkhouya stated: “The Fonds de solidarité FTQ has lengthy supported the event of Quebec’s monetary companies and insurance coverage industries.

“We’re due to this fact proud so as to add a significant Quebec property and insurance coverage brokerage to our portfolio, FORT Insurance coverage & Group Advantages, and to help the preservation of Quebec share possession by collaborating in a succession undertaking.”