Loyalist Insurance Group Limited Completes Acquisition

The Ontario-based Loyalist Insurance Group says it has completed the acquisition of Opheim Insurance Brokers Ltd. of Hagersville, Ontario. Opheim brokers is a regional firm with approximately $700,000 in premiums from 1,000 clients, generating approximately $110,000 in annual revenue.

The purchase price for the firm was satisfied by the issuance of 200,000 common shares of Loyalist, at a deemed price of $0.50 per common share. Loyalist plans to merge Opheim, along with other acquisitions made this year, with its wholly owned subsidiary D.F. Coons Insurance Limited.

"The acquisition of Opheim is Loyalist's fourth purchase in the last seven months," says Don Coons, Loyalist's president and CEO. "We will continue to build on this momentum, and are investigating a number of other strategic opportunities in the southern Ontario region."

Kim Opheim will remain with the firm to build Loyalist's business in the area. "By providing access to Loyalist's expanded network of products, we anticipate a steady increase in business in the area," says Coons.