Brokerage AMC Insurance Services Ltd. has announced the acquisition of New Westminster, B.C.-based property and casualty brokerage Kastelein Stout Insurance Agencies Inc.

The acquisition marks AMC’s 11th location and “extends [AMC’s] presence into a vibrant new community,” the brokerage says in a Nov. 29 press release.

“New Westminster is a location where we previously did not have a retail presence, but it is a growing city,” Jujhar Singh Parmar, vice president of AMC Insurance, tells Canadian Underwriter. “This expansion aligns well with our existing business in the area, and the new retail location will help us strengthen our connection with the local community.

“Kastelein Stout is one of the last few independent agencies in the area, and we are committed to preserving their tradition of providing a personal customer service experience. We aim to serve both their clients and others in the community who value working with an independent agency.”

Kastelein Stout has been providing personal, auto and commercial insurance services to the New Westminster community since 1963. Its offerings include home, condo, tenant, boat, contractor, liability, travel, course of construction, auto and motorcycle insurance, among others.

AMC says the acquisition “strengthens [its] ability to serve communities across Metro Vancouver and beyond, providing clients with more accessible, local options for all their insurance needs. The Kastelein Stout team will continue to operate from their current location, contributing their decades of industry expertise and personalized service to AMC’s expanding network.”

Surrey, B.C.-based AMC completed its 15th deal in September with the acquisition of family-owned and operated Western Associated Insurance Brokers Ltd. in Vancouver. The small boutique brokerage offers a variety of personal and commercial insurance, including home, seasonal dwellings, construction, marine, E&O and D&O.

At the beginning of this year, AMC was looking to expand outside its home province of B.C., Parmar told Canadian Underwriter. And in October, he confirmed AMC was looking at opportunities outside B.C.

“Looking ahead, we are actively engaging in discussions and carefully reviewing opportunities in Ontario,” he tells CU Monday. “Finding the right platform is not just a matter of time but also a matter of selecting the perfect fit for our vision and strategy.

“As this will be our first acquisition in a new market, its importance cannot be overstated — it will serve as the foundation upon which we build our presence. This is why we are deliberate and selective in choosing the right partner. Once established, you can expect us to replicate the successful market penetration we’ve achieved in B.C. through further strategic acquisitions.”

 

Feature image by iStock.com/skynesher