B.C. brokerage’s latest acquisition

B.C. brokerage AMC Insurance Services Ltd. has acquired Weeks Insurance and Financial Services Inc., a locally owned brokerage serving South Surrey and White Rock since 1979.

The deal, effective Oct. 8, marks another milestone in AMC’s expansion across British Columbia and “further strengthens our offering to the community in the Lower Mainland,” AMC vice president Jujhar Singh Parmar tells Canadian Underwriter.

The acquisition is also important from a tech perspective, Parmar says.

“We’re entering into a new era where technology is driving efficiency, personalization and risk management,” he says in an interview. “So, it’s data-driven solutions, but still having that client relationship.

“We think that being a tech-enabled brokerage and having automated systems where you make decisions based on data for tailored coverage, and giving the client that experience [is key],” Parmar says. “Using the real-time data…to make decisions is ever more important.”

Insurers are also looking for innovative, data-driven brokerages that want to adapt to the evolving landscape. “At a certain point, why would they continue to invest in this channel if there’s no return?” Parmar asks.

Weeks Insurance offers a variety of products, including home, auto, business, farm, boat, and travel insurance, according to its website. In addition, it provides financial advice to individuals and businesses in White Rock (which, along with Surrey, is part of the Metro Vancouver area).

The acquisition allows AMC to penetrate more of the high-net-worth client segment as well, he adds.

Parmar also wants to use artificial intelligence (AI) to help take over the processing of minute insurance tasks. “We’re insurance brokers, we’re not insurance processors, so we need to go back to revenue-generating activities, as opposed to data entry activities,” he says.

“AI is real — it’s not the boogeyman, but it’s going to augment your client experience, so you need to make sure that you’re using it so that you can go through these economic and environmental conditions with an asset as opposed to a liability.”

Through the partnership with Weeks Insurance, clients will continue to receive the same local service, now supported by AMC’s province-wide network, advanced digital tools, and expanded range of insurance options, the brokerage says in a press release. The South Surrey office will remain open to ensure a seamless transition and continued personalized care.

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Founded in 2002, AMC offers comprehensive personal and commercial coverage. It has made a few other acquisitions recently, including All Risk Insurance Agencies (effective December 2023), Western Associated Insurance Brokers Ltd. in September 2024, and Kastelein Stout Insurance Agencies Inc. (effective Nov. 15, 2024).

Jason Contant

Jason has been an award-winning journalist with Canadian Underwriter for more than a decade, including the past three years as associate editor and, before that, as digital editor for seven years.