Cal LeGrow Insurance and Financial Group is merging with MacLeod Lorway Financial Group to create the largest independent insurance broker in Atlantic Canada.
The financial terms of the merger were not disclosed. The combined entity is expected to have more than $130 million in combined premium volume. The brands and operations for each brokerage will be unaffected and will remain business as usual.
Founded in 1984, Cal LeGrow has more than 70 employees across five locations and has a financial services division dedicated to group benefits, investments and mortgages. It places over $66 million in premiums annually.
MacLeod Lorway was founded in 1976 and employees 80 staff across nine locations. It manages over $63 million in premium volume annually and provides various insurance solutions for auto, home, and specialty commercial insurance industry clients.
Commenting on the deal, Jeff LeGrow said that the merger will give the companies “an even bigger seat at the table,” allowing them to provide better services to their combined clients. LeGrow will become the chief executive of the combined entity.
“In a period of rapid consolidation which has seen private equity firms and aggregators gobbling up independent brokers, we decided to do things differently. Our teams are no strangers – we have known and admired each other for years and this was not a quick deal between strangers,” he noted.
Stuart Macleod, president and COE of MacLeod Lorway, expressed his excitement over the merger, saying that the deal is a “significant milestone” for both companies that will allow them to use their combined strength to drive innovation and growth.
“This model gives us the combination of people, talent and scale that will allow us to grow significantly within Atlantic Canada,” Macleod said, adding that he will continue as an executive advisor and shareholder of the combined company.
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