Two insurance brokers, BFL of Montreal, Canada and Lockton of Kansas City, Mo., have announced an alliance to serve clients in North America.
BFL Canada describes itself as Canada's largest independent commercial insurance broker, and Lockton calls itself the world's largest privately held insurance broker.
A Lockton spokesman said the agreement calls for the firms to share clients and revenues, but full financial details would not be disclosed.
Executives said the alliance is built on shared values, culture and business models. BFL Canada will support Lockton client needs in Canada, and Lockton will support BFL Canada client needs globally.
Barry F. Lorenzetti, BFL president and chief executive officer, said in a statement that his company's growth and the demands of larger clients made it "necessary to seek out and align ourselves with a global player. This will offer our clients an even wider array of options and services going forward."
Tim Higgins, executive vice president-global client services for Lockton, said the firm's clients have "high expectations for client service, and BFL Canada will help us maintain that reputation for delivering results for our clients everywhere in the world."
Mr. Higgins added that BFL Canada has "a tremendous reputation and a significant operational footprint across Canada, and our clients have been delighted with their performance as we have started to work together during the past 12 months."
BFL, founded in 1987, operates in eight cities across Canada with more than 300 employees.
Lockton began operations in 1966 and has more than 3,800 workers and is the 10th largest insurance broker in the world.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.