SUM Insurance acquires Morin Elliott, companies to be run separately

Strategic Underwriting Managers Inc., an independent managing general agent (MGA), has announced it has acquired Montreal-based MGA Morin Elliott Associés Ltée, whose expertise in property risks will complement SUM Insurance’s focus on casualty products.

Each company will continue to run separately, notes a statement from the SUM Insurance Group of Companies. The terms of the transaction were not disclosed.

The transaction will see Morin Elliott – founded in 1988 by John and Peter Morin with Ian Elliott – become part of SUM Insurance, which has offices in Toronto and Montreal. Morin Elliott specializes in non-standard commercial and residential property risks and complementary liability coverages.

The company’s ability to meet insurance broker needs rapidly “matches perfectly with SUM’s focus on providing solutions in real time to our customers – insurance brokers,” SUM Insurance president Jeff Somerville notes in the statement.

Morin Elliot’s “expertise in non-standard property risks perfectly complements our focus on casualty products,” notes Travis Budd, vice resident of SUM Insurance.

The company’s product suite includes commercial general liability, umbrella and excess, environmental impairment, errors and omissions, directors and officers, product recall, life science, security and protection and marine insurance.

“We are pleased and look forward to working with SUM to build on our success,” says John Morin, who will serve as chairman of the firm. The transaction, Morin notes, reinforces Morin Elliot’s “long-term commitment to our brokers and markets.”