By RCCAQ

Sylvie and Ghislain Charette's story is all about entrepreneurship, family and passionate enthusiasm!

Ghislain initially started out as an insurance agent. After a few years, he decided to become a broker and began selling commercial insurance products while continuing to work as an agent (at a time when this dual role was still possible). This was the very first chapter in what would be an exhilarating adventure!

Ghislain's interest in the brokerage sector grew rapidly, as did his clientele. Eventually, he decided to give up his agent role in order to focus fully on his own firm, which he ran with his wife Sylvie, who had qualified as a general insurance broker.

Maintaining a keen interest in aviation ever since he was a child, Ghislain obtained his private pilot's licence in 1971 at the age of 18. Combining his love of flying with more practical concerns, he branched out into aviation insurance and soon built up a clientele. The Charettes were so successful that they decided to sell off their personal and commercial insurance lines in order to develop their aviation clientele.

Ghislain and Sylvie eventually decided to set up their office on-site at Joliette airport to benefit from proximity with their clients while they ran the entire facility!

Driving growth thanks to a passion for flying

Thanks to Ghislain and Sylvie's solid aviation expertise, their firm enjoyed steady growth. While they initially acquired a small portfolio (around 30 clients), the firm's current clientele (1,200 strong!) was developed on an individual basis, drawing on the Charettes' glowing reputation. And thanks to Ghislain's knowledge of the challenges that pilots experience and the features of different types of aircraft, the level of advisory service is second to none.

A number of clients have also benefited very directly from Ghislain's high-flying passion. A few years ago, a client's plane crashed into a lake just outside the Montreal region. Fortunately, the client was able to get in touch with the Charette Assurances team. Ghislain remembers the incident well: “I jumped aboard a plane together with a mechanic and an insurance adjuster and we flew to the accident site. When we arrived, I put on my wetsuit, dived into the lake and we managed to get the plane bailed out and right-side up again. We came back to Montreal the following day on board the damaged aircraft, which we'd managed to repair temporarily!”

Talk about a broker who's passionately interested in his work!

A family affair

The firm is now part of the Charette family's day-to-day life. Their children all grew up with the business and share a keen interest in the insurance sector.

With both daughters solidly positioned within the firm, Ghislain and Sylvie are now convinced that they've found the successors they've always wanted! Despite buy-out offers, they have decided to hang onto their business. “We just don't want to sell our firm. Both Sylvie and I love our work, and now that our daughters are on board, we're even more enthusiastic. Now we're working for them, as well as for our grand-children!"

Aviation insurance: a little-known niche market

Even though it has few competitors, Charette Assurances Aviation has added a number of new specialities over the years. For instance, in addition to insurance for private aircraft, ultralights, helicopters and drones, the firm offers civil liability coverage for when aircraft are in storage (e.g. in hangars). They also insure aviation schools, maintenance workshops, etc.

Another unique feature is that insurers in this sector usually specialize in certain types of aircraft or risks. That means that the insurability criteria are often harder to meet; sometimes, pilots may not be able to insure their aircraft at all, particularly if their experience is deemed insufficient for the type of aircraft they would like to fly. However, major claims-related difficulties are few and far between since worldwide claims are managed by a firm of adjusters with specialized training.

The challenges of being an entrepreneur

Sylvie and Ghislain are very proud of their careers and their firm. Even so, they've had to make their fair share of sacrifices. “Sylvie and I haven't vacationed together in over 15 years," says Ghislain. "Both of us couldn't leave the business at the same time because someone always had to be there to look after the clients. But it was all worth it!”

The next challenge will be to ensure their company's future viability while carefully planning for their retirement. The Quebec government's recent decision to ease the tax rules so that parents who wish to sell their business to their children are not penalized will also be beneficial. "We were really relieved when the provincial government came to that decision. For Ghislain and me, our company is our pension fund!” notes Sylvie. “Now we're just waiting for the federal government to modify its legislation so that intergenerational sales are no longer disadvantaged. Being penalized simply because we want to transfer our business to our children is unfair for entrepreneurs like us who have devoted our whole lives to building our company.”

It's a safe bet that the family's multi-generational aviation insurance expertise will enable Caroline and Évelyne to keep on building on their parents' soaring success!