TORONTO, Sept. 29 /CNW/ - Philomena Comerford has been named President & CEO of Hargraft Schofield LP ("Hargraft"). Ms. Comerford brings 35 years insurance experience to Hargraft and continues as President & CEO of Baird MacGregor Insurance Brokers LP ("Baird MacGregor"). Newport Partners Income Fund ("Newport") is a significant unitholder of both Hargraft and Baird MacGregor.
Ms. Comerford began her insurance career in 1974. She has been with Baird MacGregor since its inception, was appointed President in 1990 and became a partner in 2000. She is a past Chairman of the Board of Governors for the Insurance Institute of Canada and is an active advocate for the transportation industry. Ms. Comerford is involved in the management of all facets of the brokerage operation.
Newport's President & CEO, Dean Macdonald stated, "Both Hargraft and Baird MacGregor are recognized specialty insurance providers staffed by seasoned well respected brokers. By joining forces the two organizations will capitalize on many opportunities with a shared cost effective service platform. Philomena is uniquely suited to lead this transition given her more than three decade dedicated track record with the industries both brokerages serve."
Comerford commented, "We are excited about the opportunity of growing the two brands that both enjoy a high level of recognition for quality service in the industries we serve. The combined 2008 portfolio exceeded $110,000,000 of premiums and this alliance will strengthen our market position. There are obvious synergies to be had by more closely aligning Hargraft and Baird and we believe that this will strengthen our organizations and be positively received by the marketplace. I am really looking forward to working with the Hargraft team and their clientele to execute on our goal of providing profitable growth and unparalleled service. This is my thirtieth year with Baird MacGregor and I cannot think of a better way to start the next decade charting our course for the future together."
About Newport Partners Income Fund
Newport Partners Income Fund is an unincorporated, open-ended trust created to hold, through its investment in Newport Partners Commercial Trust, interests in Newport Private Yield LP, a limited partnership, established under the laws of the Province of Ontario. NPF began trading on the TSX on August 8, 2005 under the symbol NPF.UN.
Established in 1979, Baird MacGregor Insurance Brokers LP is a leading full service Canadian owned insurance brokerage serving a variety of corporate and personal clientele. Baird MacGregor is an experienced niche commercial insurance provider and a recognized specialist to the transportation industry. Newport holds a 77.5 % interest in Baird MacGregor Insurance Brokers LP.
Hargraft Schofield LP, established in 1874, is also a specialty insurance brokerage and a recognized provider of insurance services to the industrial, commercial and transportation business sectors and high net worth individuals. Newport holds a 94% interest in Hargraft Schofield LP.
SOURCE NEWPORT PARTNERS INCOME FUND
For further information: For further information: Baird MacGregor/Hargraft Contact: Cindy Duncan, (416) 778-8000 Ext. 2212; Newport Contact: Keith Halbert, (416) 867-7544 or IRinfo@newportpartners.ca