Westland Insurance Group Ltd., a property and casualty insurance brokerage, has expanded its war chest for mergers and acquisitions, thanks to its partnership with asset manager Blackstone Credit.
Blackstone will be investing an additional $250 million towards Westland’s growth, the asset manager has announced. That brings its total investment in Westland to over $1.2 billion since Blackstone’s initial investment in January 2021.
The main purpose of the partnership is to aide the brokerage’s goal of growing through acquisitions.
“Building on its initial investment in January 2021, Blackstone has committed over $1.2 billion to support Westland’s continued growth, including a facility dedicated to funding the company’s acquisition strategy,” a press release reads.
“We’re thrilled to deepen our relationship with the Blackstone team, which will support our goal of becoming Canada’s leading independent insurance brokerage, while meaningfully investing in our employees, communities and enhanced client experience,” Jason Wubs, CEO of Westland says in the press release.
Wubs comments in the press release that this partnership will provide them with a “competitive edge.”
Westland now has more than 2,200 employees across Canada and trades $2.5 billion of insurance premium.
This news follows Westland’s many recent acquisitions, with a total of 20 in 2021 alone.
Their most recent acquisition occurred in January of this year, when Westland acquired Bunnell Hitchon Insurance Brokers in Ontario and Rigby Insurance in Alberta, bringing Westland’s locations to more than 190 in seven provinces across the country.
Canadian Underwriter is waiting on further comments from Westland. More information to come.