Ontario, Canada (CU)_ StoneRidge Insurance Brokers (SIB) and K5 Insurance, a full-service insurance brokerage, have joined forces to establish a new partnership. K5 Insurance has been servicing customers in the Prairies since 1967, with three sites located in Manitoba and Saskatchewan. The agency provides a variety of personal and business products, including house, vehicle, travel & health, business, and agricultural insurance.
K5 president Mike Klassen expressed delight over the partnership. He 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”.
SIB claims that the collaboration with K5 Insurance increases its personal and business footprint in both Manitoba and Saskatchewan. SIB president and CEO Ted Puccini expressed optimism over the collaboration. He 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”.
K5 Insurance is the 12th investment of SIB since its collaboration with the private equity company CIVC Partners, LP in 2019. Additionally, SIB stated that it will aggressively look for new collaboration and acquisition possibilities. In April, SIB purchased Generations Insurance of Scarborough, Ontario. Generations Insurance is an additional full-service agency established in 1999.
The Canadian insurance broker StoneRidge Insurance Brokers is an insurance firm that provides personal, business, and life insurance services, as well as claim services. The Canadian-based K5 Insurance offers a wide range of insurance policies including Home Insurance, Boat Insurance, Aviation Insurance, Travel Insurance, Equine Insurance, Liability Insurance, Life Insurance, Autopac, Tenants/Condominium Insurance, and Commercial Insurance.
