McDougall targets financial services with latest acquisitions

McDougall Insurance Brokers Limited has expanded its financial services offerings with two acquisitions effective Dec. 1.

McFarlan Rowlands Insurance Brokers Inc., a division of McDougall, acquired London, Ont.-based Burton Financial Group Inc., while McDougall acquired the financial services business of Income First Financial Ltd. of Kingston, Ont. Both deals were announced Wednesday.

“Burton and McFarlan already have a storied partnership and look forward to working more closely together now that they are part of the same corporate family,” McDougall says in a press release.

“This acquisition provides significant resource and scale advantages to the clients served by Burton while expanding McFarlan’s growth in financial services.”

As part of the transaction, Burton Financial president Chris Burton will assume leadership of all of McFarlan’s financial services operations, McFarlan president Jason Schneider says in the release.

Burton Financial’s website says Christopher J. Burton started his career in financial services in 1993. He is licensed in Ontario to offer life, health, home and auto insurance, and mortgages.

McFarlan adds for both deals the “integration process will be focused to ensure a smooth and positive experience for all stakeholders.”

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The acquisition of the financial services business of Income First Financial will bring that firm’s clients and staff to the McDougall family, the brokerage says in another press release.

The financial planning practice “will now integrate with McDougall’s existing Kingston office to ensure an improved and well-rounded experience for both McDougall’s existing property & casualty — and new financial services — clients.

“This acquisition represents the fourth of this year for McDougall involving financial services (adding to DJE & Associates, St. Albert Financial, and Duliban Life & Group Benefits),” says brokerage vice president Lorne McDougall. “Financial services are a perfect complement to our existing P&C business, and Income First is a great example of why.”

Income First says on its website it only works with two distinct client types — individuals over the age of 50 and owners of corporations.

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Definity Financial Corporation-owned McDougall has already announced several acquisitions this year, including mergers with Halifax-based brokerage Keyes Insurance and Active Insurance & Financial Group. Cornell Insurance Brokers Ltd., a division of McDougall, announced the Active deal in May, with the intent of establishing a strong presence in Toronto, Lorne McDougall told CU at the time.

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.