Four “well-established shareholders” have acquired Integroupe Assurances Inc., a brokerage network with annual revenues totaling $700 million, or about 20% of Quebec’s insurance market.
Sylvain Racine, Louis Cyr, Christian Foisy and Bernard Laporte, described by the organization as “three businessmen” and “a seasoned manager” now lead Integroupe, effective immediately.
“Because my partners are already members of Intergroupe, they were able to spot its huge potential,” said Laporte, newly appointed president of Intergroupe, said in a statement. “Together, we seized the opportunity to move forward with an acquisition that would allow us to help both the company and the industry to evolve by focusing our efforts, our expertise and our combined experience on some promising possibilities.”
The company, which now comprises over 70 member firms, outlined its planned objectives for the transaction, including: implementing more innovative business processes, entering new markets, offering a greater breadth of products and “becoming the new major insurance player in the country.”
Intergroupe, headquartered in Quebec City, is the largest network of brokerage firms in the province.
