Acquisition takes Ontario brokerage into Florida insurance market

Ontario brokerage Gifford Carr Insurance Group has expanded into the United States with the acquisition of Omni One Insurance Agency, a Cape Coral, Florida-based brokerage.

This is the Ottawa-headquartered independent insurance brokerage’s first expansion outside Canada.

Omni One serves individuals and families across Florida and is part of the Team Aubuchon group, a comprehensive services group for luxury living. “The brokerage has built a reputation for personalized insurance solutions and local expertise in navigating the state’s unique insurance market,” Gifford Carr says in a press release.

According to its website, Omni One offers a variety of insurance products, including home, auto, commercial, health, and risk management services. This includes fire, flood, theft, umbrella, boat, and personal watercraft coverage, among others.

What aspects of the deal most appealed?

“…[T]he ease of doing business and simplicity it affords our clients,” Gifford Carr president Matthew Carr tells Canadian Underwriter. “Our scope of business allowed us to approach new markets to ensure we had several viable options for any situation.

“Further, being aligned with the Aubuchon Group of companies made sense. Having the structure and local resources to support the Omni One team was an opportunity itself, and one we couldn’t pass up.”

Unique challenges

Florida’s insurance market has seen challenges recently, particularly in property and homeowners’ insurance. Some see new insurers entering the market as a positive sign of growth, but premiums remain high and homeowners in some regions are still facing non-renewals, media reports say.

CU asked if there are any unique challenges associated with operating in Florida and how to overcome them.

“Absolutely,” Carr says. “The easiest way to put it for our Canadian clients and broker friends is that Florida policies only cover what is explicitly covered, whereas we are used to covering everything except for what we don’t.

“Having strong carrier partners and appropriate wordings is crucial. Local knowledge and understanding of the intricacies of individual counties is paramount.

“Simply put,” Carr adds, “pretty well everything is different, and can be really hard to navigate, even for the most accomplished clients.”

Carr says Omni One was a natural fit for the Ontario brokerage.

“We have long seen Canadian clients struggle to navigate the American marketplace, and saw an opportunity to provide them with a solution to deal with the same trusted advisor for all asset classes,” he says. “Having a strong foundation in the Florida market allows us to differentiate and provide our clients with real options.”

The firm will continue to operate as Omni One Insurance Agency, by Gifford Carr. Clients will be served by the existing team with additional support from Gifford Carr’s expanded resources and industry tools, the Canadian brokerage says.

When asked if there are plans to acquire any other U.S.-based brokerages, Carr says his brokerage’s focus right now is on modernizing Omni One and integrating their systems with the entire Gifford Carr Group.

“That said, growth is part of our long-term strategy,” he adds. “We will look at all options, but we’ll be intentional and thoughtful in every step we take.”