Dale-Parizeau LM Inc. and Morris & Mackenzie Inc., two of Quebec's largest independent privately owned insurance brokers, merged their operations on December 6, 2006. The combined operations will create Quebec's largest independent and privately owned insurance broker, writing more than $200 million of premiums with 400 staff operating in five offices throughout the province and one service office in Ontario. Aviva Canada was instrumental in facilitating the transaction.
In connection with the transaction, effective December 31, 2006, the commercial insurance brokerage business carried on by Morris & Mackenzie Inc. in its offices in Toronto and Vancouver was sold to Hunter Keilty Muntz & Beatty Ltd. (HKMB) and will be integrated into HKMB's operations in the first quarter of 2007. The transaction was financed in part by a loan the Bank of Montreal.
HKMB provides risk management and insurance services across Canada and throughout the world. As a result of this transaction, HKMB is now Canada's largest privately held commercial insurance broker with annual written premiums exceeding $300 million.
Dale-Parizeau LM Inc. was represented by Fasken Martineau DuMoulin LLP with a team that included David Lemieux, Andrew Ford, Daniel Yelin, Félix Gutierrez, Stéphane Caïdi, Andrew Klug and Jean-Francois Perreault (tax)in Montreal; Stephen Kerr, David Johnson, Scott Mitchell, Wojtek Baraniak in Toronto; and Claude Jodoin and Thomas Copeland. Morris & Mackenzie Inc. was represented by Lang Michener LLP with a team that included Robert Cranston, Craig Manuel, James Stranges, Nika Robinson, Mari Jo Smolak, David Mendicino and Kalle Soomer.
Hunter Keilty Muntz & Beatty Limited was represented by Bennett Jones LLP with a team that included Barry Reiter, Jesslyn Maurier, and Robert Fabes (corporate), Lindsey Hutton (banking), Mary Beth Currie (employment), Deron Waldock (pensions) and Stephen Bowman and Steven D'Arcy (tax).
The Bank of Montreal was represented by Tom Hunter at Fraser Milner Casgrain LLP.