B.F. Lorenzetti & Associates announced today their intention to acquire a majority interest in Stewarts Insurance Services Ltd. of Vancouver in a transaction creating Canada’s largest independent commercial insurance brokerage firm, with 132 employees and more than $125 million in annual premium billings.

The acquisition will provide BFL with a strong presence in Western Canada, and a coast-to-coast network of offices. The closing is anticipated to take place before year-end. Terms of the transaction were not disclosed.

“Our objective is to establish a clear national alternative and to take advantage of the lack of choice that has developed in the insurance marketplace as a result of industry consolidation and mergers between large brokers during the past few years,” said Barry Lorenzetti, founder and President of BFL. “We make decisions locally, always keeping the specific circumstances of the client in mind. This approach gives us a strong competitive advantage over the multinational brokers.”

“The partnership with BFL provides Stewarts with a more prominent presence in the marketplace and access to resources that a national firm can provide,” said Alan Johnson, president of Stewarts. “This will enable our firm to strengthen our competitive edge in B.C. and Alberta.”

Stewarts is the largest of three acquisitions concluded by Montreal-based BFL in the past two years, following transactions that added offices in Halifax and Quebec City. BFL also has a major office in Toronto.

These transactions result in the creation of a national network that will generate an increase in annual premium billings to more than $125 million. BFL has also extended its international reach through a new strategic alliance with A.J. Gallagher & Co., the fourth largest insurance brokerage firm in the world, and announced just recently that it is the first Canadian insurance broker to be given direct access to the Lloyd’s of London insurance market.