Insurance and consulting services provider StoneRidge Insurance Brokers (SIB) has teamed up with K5 Insurance to strengthen its personal and commercial insurance footprint in Canada.
The partnership expands SIB’s reach in Manitoba and into Saskatchewan.
K5 is engaged in providing a suite of personal and commercial offerings. It is said to offer customers information and products required to make informed decisions at ‘competitive’ prices.
The insurance brokerage, which has three locations across Manitoba and Saskatchewan, has been serving clients in the prairies since 1967.
K5 president Mike Klassen said: “We are excited to be a part of the StoneRidge family – this new beginning for K5 will provide us access to additional markets, products and resources.
“We believe being part of StoneRidge will allow us to meet our customers’ needs and offer competitive premiums to achieve the right solution.”
K5 marks SIB’s twelfth investment since the latter’s collaboration with private equity firm CIVC Partners in November 2019.
SIB CEO and president Ted Puccini said: “We are extremely lucky to have Mike and K5 as part of the SIB family.
“This transaction demonstrates our continued focus on becoming a national broker. SIB has completed three transactions so far in 2022, with another three transactions expected to close in the next 60 days.”
In April this year, SIB expanded personal and commercial insurance portfolio with the acquisition of Generations Insurance, which is a founder owned and operated insurance brokerage servicing Ontario.
Generations offers a range of personal and commercial offerings.
SIB provides businesses, associations and individuals with a full suite of insurance, risk advisory, life and benefits services.