Canada-based damage insurance firms EssOR Insurance, Pratte Morrissette and Assuraction have entered into an agreement to create a new business unit EGR.
The new firm will specialize in risk management, insurance and surety bonds, and will provide damage insurance brokerage services to medium and large businesses. EGR is expected to be one of the largest insurance brokers in its niche in Quebec, with an estimated premium value of around $150m.
EGR board of directors future chairman Michel Duval said: "Our complementary areas of expertise and financial health will place us in a favourable market position.
"These factors will allow us to pursue our growth strategy in an industry in the midst of consolidation."
The new entity will run with nine offices, and employ around 150 people, including specialized brokers in every major economic hub along the Québec-Montréal axis.
The current CEO of Pratte Morrissette Louis Bélanger will serve as president of the new company, while Assuraction president Richard Drouin will be an executive vice-president. Pratte Morrissette vice-president Simon Marchand-Fortier will be operations vice-president.
Bélanger said: "To us, this alliance seemed natural, since we all share corporate values and cultures based on talent development, high-quality customer service and the desire to continually improve our processes.
"Together, we’ll be able to offer our clients better representation with insurers, access to new markets and a stronger presence in Quebec."
Image: The new company EGR will specialize in risk management, insurance and surety bonds. Photo: courtesy of Stuart Miles/ FreeDigitalPhotos.net.