StoneRidge Insurance Brokers (SIB), an independent insurance and consulting service provider and managing general agent (MGA), has acquired the family-owned and operated full-service insurance brokerage John Stark & Company (Stark).
Established in 1870, Stark has offices in Barrie and Coldwater, which serve customers in central and southern Ontario. The broker represents several insurers, offering personalized insurance advice, ongoing policy maintenance and claims support to its clients.
A company release said that SIB’s acquisition of Stark enhances the former’s personal, commercial and life insurance offerings.
"After 150 years, we are excited to pass along ownership of Stark to SIB, who we believe will be able to continue understanding our customers' needs and offer competitive premiums to achieve the right solution," said Colin Stark of Stark.
Stark is SIB’s eighth investment since the latter partnered with private equity firm CIVC Partners, LP.
"SIB has completed five transactions so far in 2021, including four joint venture transactions and one full acquisition, with another transaction expected to be completed by year-end" commented SIB president and CEO Ted Puccini. "We hope to continue this momentum into 2022 with two transactions expected to close early next year."
Last month, SIB marked its entry into the Manitoba insurance market through an agency partnership with J.M. Johnson Insurance Agencies. Founded in 1950, the Winnipeg-based J.M Johnson has expertise in a diverse range of coverages, such as insurance for residences, cottages, businesses, travel, life, marine and prize indemnity.
