Dartmouth, Nova Scotia — An annual report published by Insurance Business Magazine recognized A.P. Reid Insurance Stores as one of the “Top 10 Insurance Brokerages in Canada.” The company, which took fourth place, was the only Atlantic Canadian-based brokerage to be featured on the list.
The special report released in February, weighed the metrics from hundreds of brokerages nation-wide; and took into account areas of business, such as revenue growth, revenue per broker, client growth, and policy growth.
“As an Atlantic Canadian based national insurance brokerage, it’s a great honor for us,” said Jamie Reid, the company’s president and CEO. “We’ve worked tirelessly over the last seven years to build a first-class, national organization capable of competing with the large national and multi-national insurance brokerages from Ontario and Western Canada.”
A.P. Reid was established over 30 years ago, by Reid’s mother Aileen, who as a single mother, started the business from scratch. “She had no financial resources to start. She built this business one customer at a time based on exceptional customer service and the tenacity to overcome any challenge that was thrown her way,” said Reid.
After working closely in the firm with his mother for nearly 20 years, Reid bought the firm from her in 2010, with a vision of expanding the company’s success to a national operation, deemed “vision 2020.” While there’s still major goals to be met, his vision is starting to take shape with this recognition.
“These brokerages should be applauded for having navigated through a tumultuous year marked by catastrophes, such as floods, storms and the wildfire that has been the costliest natural disaster in Canadian history, coupled with continuing industry consolidation, the running theme of cyber risk/insurance and the increased use of drones, all of which have made the insurance landscape more complex than ever,” states the Insurance Business Magazine report.
As part of Reid’s vision of national growth, the company established their first office outside of Atlantic Canada in 2014, with the acquisition of Robert C Davis Insurance brokerage in Ontario. The following year, they purchased two group auto and home insurance portfolios and established an office in Edmonton.
In 2016, they acquired Robinson Insurance Brokerage in Edmonton, and expanded their team in the area.
In addition to the company’s physical expansion, A.P. Reid has also expanded its product offerings; introducing ZipSure.ca, its online tenant insurance platform, and establishing MyGroup Auto and Home Insurance, its group insurance division. They are now in the process of enhancing their Commercial insurance division to provide additional resources and consultation for clients on risk management, compliance and HR management.
As for the future, Reid says that they plan to continue their national expansion plan, with not only more offices across Ontario and Western Canada, but also with the development of innovative products and services. “We’ve set our sights on becoming a disruptor in the insurance community,” said Reid.