Property and casualty insurance company Definity Financial Corporation has taken majority ownership in Belleville-based McDougall Insurance.
Definity Financial already had a 25% ownership share but Monday increased that to 75% at a cost of $217 million. Definity has now invested a total of $251 million in McDougall Insurance.
Founded in 1946 McDougall Insurance owns over 50 insurance brokers with over 450 employees.
CEO of McDougall Insurance Ross McDougall says strengthening the partnership with Definity will allow an acceleration of growth plans and allow the company to offer better value to its customers.
McDougall says the agreement should help the firm eventually get up to $1 billion in annual premium base.
Definity Financial claims that by increasing its ownership share its annual operating incomce will increase to over $40 million, up from the current $8 million a year.
