January 27, 2012 by Canadian Underwriter
The H.W. Kaufman Financial Group, parent company of wholesale broker and underwriting manager Burns & Wilcox, has acquired Chesterfield Canada Inc. as part of a broader deal announced on Jan. 27.
The larger transaction involves Kaufman Financial Group purchasing Chesterfield Group Ltd., a London-based insurance broker and underwriting organization with companies in the United Kingdom, United States and Canada. The acquisition expands Kaufman Financial Group’s international presence in the specialty insurance marketplace.
Chesterfield Canada Inc. is a wholesale broker of specialty commercial business placed with domestic Canadian insurers and Lloyd’s of London. Chesterfield’s offices are located in Toronto and Ottawa and will operate as Burns & Wilcox Canada.
“The Kaufman Financial Group has been looking for the right opportunity to bring our expertise and product knowledge to Canada,” Alan Jay Kaufman, president, chairman and CEO of Kaufman Financial Group, said in a press release. “Chesterfield Canada was attractive to us because of their strong reputation and our shared drive to expand relationships in the Canadian market.
“We see great potential to utilize our expertise and capabilities to serve Canadian brokers. Burns & Wilcox plans to grow more extensively throughout Canada.”
Gary Hirst, executive director of Chesterfield Canada Inc. said: “Combining the shared values and entrepreneurial qualities of the two organizations enables us to offer a greater depth and breadth of products to our clients and producing brokers across Canada.”
All of Chesterfield Canada’s employees, including senior management, will become part of the Burns & Wilcox Canada team.
The Chesterfield Group, established in 1999, is a wholesale and full service insurance organization that focuses on binding authority, reinsurance and commercial facultative business for clients worldwide.
The principal operating company, Chesterfield Insurance Brokers, offers a wide range of specialty products and provides cover in high-risk territories, media and entertainment, property, professional liability and cover-holder binding authorities.