StoneRidge Insurance Brokers (SIB) has formed a new partnership deal with K5 Insurance, a full-service insurance brokerage.
With three locations across Manitoba and Saskatchewan, K5 Insurance has been serving clients in the Prairies since 1967. The brokerage offers a range of personal and commercial offerings, including home, personal auto, travel & health, business, and farm insurance products.
According to SIB, the partnership with K5 Insurance expands its personal and commercial presence in both Manitoba and Saskatchewan.
"We are excited to be a part of the StoneRidge family – this new beginning for K5 will provide us access to additional markets, products and resources. We believe being part of StoneRidge will allow us to meet our customers' needs and offer competitive premiums to achieve the right solution," said K5 president Mike Klassen.
"We are extremely lucky to have Mike and K5 as part of the SIB family. This transaction demonstrates our continued focus on becoming a national broker. SIB has completed three transactions so far in 2022, with another three transactions expected to close in the next 60 days,” said SIB president and CEO Ted Puccini.
K5 Insurance is SIB’s twelfth investment since partnering with private equity firm CIVC Partners, LP in 2019. SIB also noted that it will continue to “actively seek additional partnership and acquisition opportunities.”
In April, SIB acquired the Scarborough, ON-based brokerage Generations Insurance. Generations Insurance is another full-service brokerage founded in 1999.
