AMHERST – An Amherst-based insurance company has been named the top brokerage in Canada by Insurance Business Canada magazine.
This is the fourth year the magazine has shone the spotlight on brokerages that have achieved impressive growth and unparalleled success during the past year.
Archway Insurance had a composite score of 86 to tie for top spot with Tailor Made Insurance Services.
“Archway Insurance is thrilled to be recognized as Canada’s top brokerage by Insurance Business Magazine,” company president Gina McFetridge said. “We have worked incredibly hard to become an industry leader in the Maritimes by providing choice and expert advice locally to our clients.”
She said receiving national recognition is a tremendous honour and the company’s team of professional brokers could not be prouder.
Archway Insurance, founded in 1985, has 22 offices across the Maritimes and employs 150.
Despite difficult economic conditions in some areas of the country and an industry that's continuing to evolve, companies like Archway Insurance – which has its headquarters in Amherst – found success by embracing technology, entering new markets and expanding their expertise and teams to find a competitive edge.
Using a handicap method, the Insurance Bureau of Canada ensured all the brokerages were measured on a level playing field. Among the criteria the companies were measured were revenue and revenue growth, revenue per broker, number of brokers, new brokers, clients, client growth, new clients, clients per broker, policies written and policy growth.
McFetridge said Archway Insurance focused on its online presence in 2017, making numerous changes to its website to better find clients through online marketing campaigns and SEO optimization.
It also invested in the continuing education of its brokers.
The biggest challenge was integrating its new locations and employees. Archway Insurance doubled in size in terms of locations and employees with the most strategic and significant acquisition during the year being the purchase of Alliance Assurance in northern New Brunswick.
That purchase required a complete financial analysis and restructuring of the company’s management as it integrated nine new offices into the fold.