The Standard Insurance Brokers has signed a letter of intent to acquire Canada Brokerlink's northwestern Ontario offices in Kenora, Sioux Lookout and Red Lake, as well as the office in Dryden operating as Skillen-Squire.
The Standard said that the acquisition of these four offices will increase its market share in the area by approximately 50%. The acquisition is subject to certain conditions and the terms of the agreement have not been disclosed.
Brian Ingo, CEO of The Standard Insurance Brokers, said: This acquisition will be a major milestone for our organization and will enable us to better serve our customers. It will also expand our talent pool considerably.
Tom Reid, COO for Canada Brokerlink, added: Both Canada Brokerlink and The Standard have built a substantial community presence across Northwestern Ontario over the years and the merger of our offices into The Standard will create long term opportunities for our employees and clients.