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The latest in brokerage deal-making


January 20, 2021   by Jason Contant


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Brokerage NFP has expanded its property and casualty brokerage presence in Ontario with the acquisition of EdgeHill Insurance Brokers Ltd.

The deal is the latest mergers and acquisitions news in the Canadian P&C space.

Also in the news, Canadian Broker Network acquired Quebec-based brokerage Invessa.

NFP announced their acquisition of Edgehill last week in a deal that closed Dec. 16, 2020.

NFP provides P&C, retirement, corporate employee benefits and individual solutions. The brokerage has more than 750 employees in Canada and over 5,800 employees globally.

Based in Toronto, EdgeHill specializes in personal lines for high net worth clients, including home, auto, watercraft and personal excess liability, in addition to commercial insurance and risk management services for various industries.

“The acquisition of EdgeHill represents an opportunity for NFP to expand its expertise for high net worth clients in Canada, as well as incorporate additional service capabilities in its transportation and trucking specialty businesses,” NFP said in a release.

iStock.com/SB

Patti Hull and Ross Schofield, principals of EdgeHill, will join NFP as a vice president and consultant, respectively. Hull will report to Brian Timmis, managing director of NFP in Canada’s Private Client Group.

News of the acquisition follows NFP’s Jan. 12 announcement that Evan Garner and Joe Seeger have joined the company as managing directors. Garner and Seeger will lead the newly-formed Complex Risk Solutions (CRS) Group in Canada, which provides companies in the forestry, mining, oil and gas, power and utilities, renewable energy and transportation industries with solutions to mitigate a variety of risks. These include management liability, risk engineering, analytics and captives, to complement traditional P&C solutions.

Seeger brings over 25 years of experience in the natural resources industry, including insurance program oversight, claims management, enterprise risk management development, and captive implementation and utilization. Garner has more than 15 years of risk management experience across a variety of industries, including rail, heavy manufacturing, retail and real estate.

“In these new roles, Garner and Seeger will work together to accelerate NFP’s efforts to establish a market-leading CRS Group in Canada,” NFP said.

In other acquisition news, the Canadian Broker Network (CBN) and its member acquisition partner Synex Group Services said last week it has completed the acquisition of Invessa, an independent brokerage firm located in Laval, Que.

Invessa is one of the largest brokerage firms in Quebec specializing in personalized auto and home insurance, CBN said of the deal in a release. Invessa also meets the complex insurance and risk management needs of small- and medium-sized businesses.

Invessa has more than 50 years of experience, 70 employees and $50 million in premium. This latest acquisition brings the acquisition group’s total volume to $200 million in premium.

“[Invessa’s] commitment to unparalleled service and their alliances in various countries such as the United States and France allows them to provide customized solutions that put the client first,” CBN said.

CBN is an alliance of independent brokerages representing more than $1 billion in property and casualty premiums (as well as employee benefits and life and financial services), with over 50 offices across Canada and more than 1,500 employees.

Other deals were announced or closed earlier this month:

  • Westland Insurance Group closed its acquisition of Storm Insurance Group, bringing Westland offices in Quebec and Nova Scotia.
  • Arthur J. Gallagher & Co. acquired retail and casualty brokerage Cain Insurance Services.
  • Navacord brokerage Waypoint Insurance acquired Lynn Valley insurance. Lynn Valley provides home and auto insurance to North Vancouver residents, along with a book of business.
  • Heartland Farm Mutual and The Kings Mutual Insurance reached an agreement to merge June 30, pending federal regulatory and policyholder approval.

 

Feature image by iStock.com/fotostorm


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