The Co-operators acquires New Brunswick insurance brokerage

The Co-operators General Insurance Company announced Monday that its wholly-owned subsidiary has purchased all of the issued and outstanding shares of a company that operates Drost Insurance Brokerage for an undisclosed amount.

The Bath, N.B. brokerage’s portfolio includes approximately $2 million in premiums from home, auto, farm and commercial insurance policies, according to the Co-operators. 

Current clients of the brokerage will be notified of the change in ownership and their insurance coverage will remain in effect with no changes to their premiums or coverage for the current term of their policies. As current policies expire, clients will be offered comparable policies from the Co-operators, the insurer said.

The principal of Drost, Michael Blanchard, will remain with the Cooperators to help with the transition for one year following the closing. 

“This acquisition fits well with our growth strategy, which calls for an expansion of our distribution system in the Atlantic region and throughout Canada,” Kathy Bardswick, president and CEO of the Co-operators said in the announcement.

“We look forward to helping our new clients get the insurance and investment products they need to achieve financial security for themselves and their families.”

Prior to the closing of this transaction, the Co-operators had 14 financial advisors throughout New Brunswick.