Founded over seventy years ago, Algoma Insurance Brokers Limited is currently one of the largest independent insurance brokers in Sault Ste. Marie.
Prior to 1951, the firm was solely owned by Mr. Aird Hollingsworth, who in 1952, offered Mr. C.H. Yeomans a partnership position. The company marketed all types of general insurance products, along with life insurance and real estate. Mr. Hollingsworth passed away in 1959, and Mr. Yeomans became the sole owner. He fostered the idea of a socially-responsible corporate image and was instrumental in the formation of our city’s current Telecare distress centre.
In 1963, a limited company was formed and Mr. William Horbatuk became a shareholder, along with Mr. C.H. Yeomans. During the next six years, Algoma Insurance Agency Ltd. acquired three smaller insurance agencies, whose principals became salaried employees.
Algoma Insurance and Realty Ltd. was formed on June 30, 1975, with the principals being William Horbatuk, Lynn Keating and Tony Luciani. In 1981, the Registered Insurance Brokers of Ontario (R.I.B.O.) was established as a self-governing body and the firm accordingly re-registered as Algoma Insurance Brokers Limited.
In 1981, Mr. Luciani sold his shares to Mr. Horbatuk and Mr. Keating and left the firm.
In November of 1983, Mr. Aldo Borrelli joined the firm as a commercial and personal lines account executive. Lynn Keating sold his interest and retired in May of 1987. Aldo Borrelli became a partner in May of 1987.
In 1990, Algoma Insurance Brokers Limited acquired Chitty Insurance Brokers, a prestigious firm that had operated in the Sault and Area since 1910. Also in 1990, James Horbatuk became a partner in the firm.
On April 13th, 2012, Doug Sykes Insurance Inc. merged with Algoma Insurance Brokers Limited. The reorganization was the result of strategic planning to re-focus the Property and Casualty Insurance into two distinct segments with distinct branding.
On January 1, 2016, Algoma Financial Group officially completed the amalgamation of Insurance Depot Inc. into Algoma Insurance Brokers Limited. As a result, all Insurance Depot clients are now represented by Algoma Insurance Brokers Limited.
Since the very beginning, commitment and caring have been a way of life for this company. Today, and far into the future, all members of our staff, would like to pledge to you our continued care, support, and excellence. We are only here for one reason… and that one reason is YOU.