Crop hail insurer Palliser Insurance Company Ltd announced yesterday that it has acquired the businesses of five MGAs.
Terms of the transactions were not disclosed.
Learn more about acquisition insurance here.
The five MGAs - Butler Byers Hail Insurance Ltd, Farmers Hail Insurance Agencies Ltd, Henderson Hail Agencies Ltd, McQueen Agencies Ltd and Wray Agencies Ltd - offer crop hail insurance to farmers across the western Canada region; some have been in the business since 1912..
Palliser’s acquisition of the MGAs is a “part of a growth strategy that will get the crop insurance company closer to the farm customer and enable product innovation along with enhanced risk management services,” a release said.
“The integration of the MGAs will enable us to create added-value by focusing on market opportunities and product innovation,” said Palliser Insurance Company president and CEO Ken Doleman. “Our MGA partners have built an outstanding community based agent network and adjuster workforce. We are committed to those relationships and to expanding our local agricultural connections through industry leading service excellence.”
Doleman also said that the company is looking forward to the opportunities that lie ahead and by the challenge of “building a more efficient and effective organization to benefit all stakeholders”.
Palliser Insurance board chair Greg Reidy said that the companies are stronger under one banner and are well-positioned to make further investments to help their clients manage their business risk.
“The continuity of our business and our stakeholder relationships are assured by having key principals on the executive team,” Reidy added.
Related stories:
Alberta’s farmers scramble to recoup harvests
Insurance broker launches grain insurance product
.jpg)
