Archway Insurance has been named Canada’s top brokerage by Insurance Business Canada magazine.
The firm “is thrilled” to be recognized by the magazine, Archway Insurance president Gina McFetridge said on May 1, a day after the magazine issued its rankings.
“We have worked incredibly hard to become an industry leader in the Maritimes by providing choice and expert advice locally,” McFetridge said. “Receiving recognition at the national level is a tremendous honour and our growing team of professional brokers could not be more proud.”
The recognition also shows that firms located in smaller communities can succeed, the Archway Insurance president said.
“We made a conscious decision to locate our head office in Amherst and we’ve never regretted this decision,” McFetridge said. “Amherst is perfectly situated at the centre of our 22 Nova Scotia and New Brunswick locations.
“An important part of our job as insurance brokers is understanding the needs of our clients. Remaining local has enabled us to not lose sight of the importance of community as we continue to grow our business. In fact, it helps set us apart from our competitors.”
Archway Insurance was founded in 1985. Today, after doubling its size in 2017, it has 22 offices and employs 150 people.
It is the fourth year that Insurance Business Canada has ranked the top brokerages in the country. The rankings listing the top 10 can be found on the magazine’s website.
Archway Insurance was tied for the top spot with Tailor Made Insurance of Sherwood Park, Alta. Both firms received a composite score of 86.
The magazine said on their website that the top 10 brokerages in its rankings “achieved impressive growth and unparalleled success over the past year” and despite difficult economic conditions found success by “embracing technology, entering new markets and expanding their expertise and teams to find a competitive edge in today’s insurance industry.”
To qualify each brokerage had to supply information to the magazine in 11 key areas: revenue, revenue growth, revenue per broker, number of brokers, new brokers, number of clients, client growth, new clients, new clients per broker, polices written and policy growth.
The brokerages with the lowest composite score received higher rankings, magazine stated.
“The majority of the criteria used by IBC recognized business volume achieved per broker, rather than just critical mass, allowing brokerages of all sizes to compete fairly. In addition, expressing metrics such as revenue growth and policy growth as a percentage of total business ensured that the very best-performing brokerages were awarded,” the magazine said on its website.