CIVIC-backed StoneRidge acquires insurance brokerage Safeway

StoneRidge is an Ancaster, Ontario-based provider of insurance and consulting services.

  • Safeway specializes in property casualty insurance products and a variety of financial products, such as life insurance and investment options
  • The company’s acquisition expands StoneRidge’s personal and commercial insurance presence in the Greater Toronto Area
  • CIVC Partners acquired StoneRidge in 2019

StoneRidge Insurance Brokers, which is backed by CIVC Partners, has acquired Safeway Insurance and Financial Services, a Richmond Hill, Ontario-based insurance brokerage specializing in property casualty insurance products and a variety of financial products, such as life insurance and investment options. No financial terms were disclosed.

Established in 1966, StoneRidge is an Ancaster, Ontario-based provider of insurance and consulting services. The acquisition of Safeway expands the company’s personal and commercial insurance presence in the Greater Toronto Area.

“We are excited to be a part of the SIB family – this new beginning for Safeway will provide us access to additional markets, products and resources. We believe being part of SIB will allow us to meet our customers’ needs and offer competitive premiums to achieve the right solution,” said Phil Moonie, president of Safeway, in a statement.

Based in Chicago, CIVC Partners was established in 1970. The firm, which targets middle-market companies mainly in the business services sector, acquired StoneRidge in 2019.