Manitoba insurance brokerages ONE Insurance and BSI Insurance have announced their intent to merge their operations into a single company and form the “largest Manitoba-owned” network, the businesses revealed on Tuesday.
The merger will see the new company have over 200 employees serving Manitobans through 28 branches in 26 communities. Both companies will continue to operate under their existing brands while their teams integrate their operations.
Together, the combined company will manage over $200 million in annual sales.
“This merger will enhance our ability to compete in the marketplace with the larger players in our industry,” said BSI Insurance CEO Pete Tessier. “We will be able to rapidly scale our technology and service investments to deliver a leading insurance experience for all our customers.
“The best part is our branches and staff are all part of the plan for growth and opportunity, and we’ll be able to build on the deep connection our companies have with the communities we serve.”
ONE Insurance president and CEO Nicholas Rawluk will become the president and CEO of the merged company, which will take on the ONE Insurance brand.
Rawluk said that the merger is expected to provide greater opportunities and services for employees, customers, and communities.
“We are excited to bring these two great Manitoba companies together,” Rawluk said. “[This merger] positions us for further growth and investment in the future as we will become the largest brokerage headquartered in Manitoba.
“We are committed to our local footprint and our combined size will allow us to be a competitive option for those brokerages looking for a succession plan or collaborative partner.”
BSI Insurance CEO Pete Tessier will join the combined company executive team as vice president, innovation & strategy.
Both companies' branch networks do not currently overlap, according to Rawluk.
The move will additionally see a greater range of products and services made available to the company’s customer base, the businesses said in a press release.
Interlake-based ONE Insurance has been active in Manitoba for 70 years. It has 12 branches, three of which are in Winnipeg.
The rest sit in neighbouring communities around the central region and into the Interlake.
Meanwhile, Saint Norbert-based BSI, which launched in the 1960s, has 16 branches reaching southeastern and south-central Manitoba, including one in Winnipeg.
