Vancouver-based Vertical Insurance Group Ltd., owners of Shaw Sabey, Metrix, Core, Magnes, LMG and other retail insurance brokerage businesses, has announced the acquisition of the majority interest in the capital of brokerage Axis Insurance Managers Inc., also of Vancouver.
Alex Meier, Vertical Group president, will take the position of president at Axis Management. The acquisition will expand the Vertical Group’s position in the Canadian market, Shaw Sabey said in a press release issued earlier this week.
The Vertical Group will maintain the relationships to the markets that Axis has enjoyed, and will be reaching out to the markets in “due course” to discuss any affect this may have on their current trading arrangements, the release said.
“There is an excellent alignment of values and goals between our organizations,” Meier said. “We feel this change will result in positive benefits for our stakeholders. This strategic acquisition will allow both Axis and the other Vertical Group companies to enhance capabilities and continue to strengthen our offering to clients and our partnerships with insurers.”
Brad Shantz, Vertical Group CEO, said that the company is “excited to welcome an extremely high quality brokerage business with a great team to the Vertical Group family, and we’re looking forward to continuing the fine work that they’ve done in the past and expanding the franchise.”
“The strength of the team depends on the individual players,” added Victor Montagliani, Vertical Group senior vice president. “The members we’re adding to our team share a strong dedication to our core values that has made the Vertical Group so successful.”
Formed in 2010, the Vertical Insurance Group delivers risk management solutions based on industry-specific expertise and a sound understanding of their clients’ operational requirements.
Axis Insurance Managers Inc. was established as a single location family business over 70 years ago, and incorporated in 1950. Axis’ team consists of a group of professionals almost exclusively from the ranks of the large international brokerage community, the release said. They focus on several specialty lines, including mining and energy accounts, forestry, marine cargo/warehousing and distribution, errors and omissions, directors’ and officers’, financial institutions, real estate, food processing and hospitality.