Deal creates Canada’s largest Indigenous-owned insurance agency
TIPI Insurance Partners enters into partnership with IMI Brokerage.
The deal roughly doubles TIPI’s size and expands its reach from Ontario and throughout Western Canada, positioning it as a supplier of choice for pension plans, group benefits and property insurance to First Nations communities across the country.
“Our vision is simple. We are building a financial services powerhouse that is owned by and for Indigenous people, where the benefits of ownership can flow back to our communities,” said Nathan Ballantyne, CEO of TIPI Insurance Partners. “We offer highly competitive pension, benefits and community asset insurance services, with the added benefit of the meaningful careers, profits and economic development we create for our people.”
Founded in 1993 the Indigenous-owned IMI Brokerage offers life insurance, group benefits and pension services to First Nations communities. It is headquartered in Duck Lake, Saskatchewan and owned by a number of progressive Saskatchewan and Alberta First Nations. It has four offices in Saskatchewan, Alberta and BC.
TIPI’s partnership will expand IMI’s product offering to include property and casualty insurance, as well as a proprietary, institutional-type pension plan created solely for First Nations.
TIPI was created in 2011 through the union of four First Nations-owned organizations. It is based in Winnipeg and has a northern office in The Pas. Both TIPI and IMI will continue to operate under their own brands for the foreseeable future.
“This is great news for our customers and for First Nations across Canada,” said Joan Barmby-Halcro, founder and President of IMI. “We are bringing together two Indigenous-owned companies, giving us more capacity to grow and thrive. We can now help communities protect their band offices and schools while also giving them excellent group benefits and pension plans. This is the path for First Nations to take control over their own futures.”
TIPI and IMI will have more than 25 employees working from Ontario to BC. All employees will remain with the company, and Ballantyne says they are looking to grow by acquiring more businesses in the same space.
“We recognize the social and economic value of First Nations communities owning successful, professional companies,” said Ballantyne. “Our customers are Indigenous people, their governments and businesses. When they do business with us, they know they’re receiving good value and driving economic development for our people.”