StoneRidge acquires four Ontario brokerages
SIB Corp. (StoneRidge Insurance Brokers) has announced the acquisition of four Ontario brokerages operating out of Richmond Hill and Orillia.
SIB has acquired Marathon Insurance Group (SSY Marathon Insurance Brokers Inc.), K.O. Bartholomew & Son Inc., Ron Johnston Insurance Ltd., and Buckler Insurance Service Ltd. (the Marathon Insurance Group of Companies), the brokerage confirmed in a July 2 press release.
“Operating out of offices in Richmond Hill and Orillia, Ontario, these brokerages have proudly served their communities for over 30 years, providing comprehensive personal and commercial insurance solutions,” SIB says. “The businesses will continue to operate under their existing brands post-acquisition, with founders John and Angie Moulatsiotis to remain in leadership roles throughout a gradual transition period.”
The four brokerages offer a variety of home, auto, commercial, and life insurance products. They also offer particular products, such as classic car insurance (in the case of Marathon Insurance Group and Ron Johnston Insurance) and yacht insurance (Buckler Insurance), according to the brokerages’ websites.
“We are incredibly proud of the relationships we’ve built and the trust we’ve earned over the last three decades,” John and Angie Moulatsiotis say. “Partnering with SIB allows us to maintain the same personalized service our clients expect while benefiting from the strength, scale, and innovation of a national platform.
“Just as important, we felt an immediate cultural fit with SIB — their entrepreneurial mindset, commitment to people, and community-first approach closely reflect our own values. We’re excited about this next chapter and look forward to continuing to grow alongside the SIB team.”
What the deal means for SIB
The acquisition marks a continued strategic expansion for SIB, which is focused on identifying entrepreneurial brokerages. “The addition of the Marathon Insurance Group of Companies strengthens SIB’s presence in key Ontario markets and supports its long-term goal of delivering best-in-class service to communities across the country.”
SIB now operates out of more than 140 offices across Canada and reports more than $1 billion in gross written premiums. The brokerage is “actively seeking additional acquisition, partnership and affiliate brokerage opportunities in Canada.”
In late May, StoneRidge announced the launch of Bound Insurance Brokers, led by SIB’s managing partner Shireen Al-Attar. Bound Insurance is a full-service brokerage providing comprehensive insurance solutions to customers in the Greater Toronto Area. Based in the GTA, Al-Attar has 23 years of industry experience and has held various senior leadership roles at brokerages throughout the region.
Earlier in the year, SIB continued its expansion into Ontario with the acquisition of Jim Kelly Insurance Brokers Ltd., announced Apr. 29.
Based in Pickering, Jim Kelly Insurance is a family-run, fully-service brokerages providing insurance to customers across the GTA. It offers home, auto, commercial, and life and personal insurance, as well as investment products.
