Canadian managing general agent (MGA) GroupAssur has acquired independent managing agent Eagle Underwriting for an undisclosed sum.

Eagle Underwriting specialises in transportation, trade, and moveable property lines of insurance.

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The acquisition will add new lines of products to GroupAssur’s portfolio, which specialises in property and casualty lines.

It will also support the international growth objectives of GroupAssur as Eagle underwrites policies related to cargo shipping in the US.

Under the terms of the agreement, Eagle underwriting will continue to operate under its existing structure and brand name.

Eagle Underwriting chairman Bernie Cisseck will lead MGA’s current management and shareholders.

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GroupAssur president Jean-Francois Raymond said: “Today’s announcement marks a significant milestone for GroupAssur. Our goal has been to build the best MGA platform in Canada.

“With the onboarding of Eagle’s expertise, we will be going beyond the objectives we have set for ourselves, opening a door into the US market and moving forward into our next phase of growth.”

Cissek said: “Eagle is honoured to join GroupAssur, further expanding their suite of specialised insurance products.

“Their stellar reputation for competitive underwriting initiatives, complemented by our unique service offering and deep industry insight, will provide GroupAssur with the tools required to expand their business among new audiences and geographies.”

Earlier this month, Canada’s Sun Life signed a definitive agreement through its US arm to acquire DentaQuest for $2.47bn.