Belleville-based McDougall Insurance and Financial announced plans to merge with Upper Canada Commercial Insurance Group Thursday, boosting the company’s presence in the commercial market.
Upper Canada has in offices in Kingston, Brockville and Cornwall, and is primarily commercial, while McDougall deals mainly in personal lines, home and auto insurance. The merged entity has 300 employees and 29 office locations.
The 70-year-old insurance brokerage, McDougall, is no stranger to M&A, having merged with or acquired about 20 companies in the last 25 years. And CEO Ross McDougall hinted that his appetite for growth is not yet sated.
Unlike a lot of M&A deals, McDougall said there will be no layoffs and could even be scope for more jobs to aid expansion.
The merged company now has over $210m in property casualty premium and a “strong and rapidly growing financial services division, with a higher profile that could improve prices, coverage and claims for customers.
