National insurance managing general agency Totten Insurance Group announced on Wednesday that it has acquired the shares of Canadian Resources Insurance Solutions, Inc. (CRIS), a Sudbury, Ont. based insurance wholesaler.
Terms of the acquisition were not disclosed, but Hub International Limited said in a press release that this strategic acquisition expands the MGA’s footprint in the Canadian marketplace and “further defines its specialization in providing exceptional underwriting service in key industry segments.” Totten is one of Hub’s wholesale insurance brokerage operations.
“The synergies created by this partnership will add significant value to our broker partners and further enhance Totten’s focus on specialty underwriting across Canada,” said Susan Murphy, president of Totten, in the release.
Rob Strain, CRIS’ president, will join Totten and report to Murphy.
CRIS provides wholesale insurance solutions specializing in natural resources and other specialty niches, including mining, forestry and construction.
Strain said that CRIS is “excited to join the Totten team. This partnership will help expand our national footprint and provide additional specialty offerings for our partners.”
In March 2015, Totten acquired the shares of National Brokerage Services S.C.N. Inc., a Montreal-based commercial insurance wholesaler. The acquisition complements Totten’s areas of focus predominately in the business segments of construction, contracting, hospitality, agriculture, restoration and remediation, errors and omission, directors and officers and hot works roofing, among others, Totten said at the time.
Totten Insurance Group is a national MGA provider of niche products and solutions, comprised of six divisions: Personal Lines, Commercial Property, Commercial Casualty, Hospitality, Construction and Professional Liability. With offices across Canada, Totten’s corporate office resides in Toronto, with other locations in Oakville, Ont., Dartmouth, N.S., Winnipeg, Man., Montreal, Que. and Vancouver, B.C.