McDougall Insurance Brokers and its majority partner Definity Financial Corporation are growing again.
Monday, it was announced that McDougall Insurance Brokers had purchased 100% of the shares of McFarlan Rowlands Insurance Brokers for aggregate cash and share consideration of $232 million. Established in 1896, McFarlan Rowlands is a leading insurer in Ontario and has about 200 employees in 18 offices in the southwestern part of the province.
The purchase is seen as an important step toward national expansion. Definity Financial owns about 75% of McDougall Insurance.
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