BroadStreet Partners, owned by Ontario Teachers’ Pension Plan, has invested in Canadian independent insurance brokerage Westland Insurance Group.
Westland has been on an acquisition spree in recent years, with some of its most recent purchases being that of Assurances R. Legault and RiskTech Insurance Services.
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Through its new capital alliance with Ontario Teachers’, Westland looks to support its expansion drive in Canada.
The Wubs family, which founded Westland in 1980, will continue to hold a ‘significant’ stake in the business and its operational control.
With more than C$2.5bn of premium, Westland focuses on employee benefits, farm, specialty insurance, commercial, and personal segments.
This transaction sees Blackstone Credit exiting its investment in the business.
The deal awaits regulatory clearance, with completion expected in the second quarter of this year.
BroadStreet founder and executive chair Rick Miley said: “Westland Insurance Group possesses the characteristics that make it a great fit for a partnership with BroadStreet: the leadership team is entrepreneurial, there is a culture of ownership embedded in the firm that is consistent with our co-ownership approach and the company has a bias for growth, both organic growth and growth via acquisition.”
Ontario Teachers’ has been Ohio-based insurance brokerage holding company BroadStreet’s primary financial partner since 2012.
BroadStreet follows a co-ownership model, which offers its partners financial backing for organic and acquisitive growth as well as helps them retain operational autonomy.
Westland president and CEO Jamie Lyons said: “This partnership provides us with the capital needed to continue investing in our business and delivering market leading insurance solutions to more Canadians.
“With the support of Ontario Teachers’ and BroadStreet, we’ll further expand Westland’s presence coast-to-coast and continue our journey to become Canada’s favourite insurance broker.”
