The Jim Pattison Group, a holding company that does $14-billion in business, has become a minority investor in Alberta-based brokerage HighStreet Insurance Group.
The strategic investment marks the entry of the holding company into the Canadian P&C insurance space. Terms of the deal were not disclosed.
“HighStreet represents a great platform for the Jim Pattison Group to begin its foray into the insurance brokerage business, leveraging its resources and businesses to grow the existing broker business and to diversify into other facets of the insurance business,” Glen Clark, president of the Jim Pattison Group commented on the deal. “We look forward to supporting [High Street president and CEO] Stuart [Tate] and his team in the years to come.”
The Jim Pattison Group is a diversified holding company operating primarily in the United States and Canada. Its corporate office is in Vancouver.
The Pattison Group’s operating divisions are diverse, spanning the automotive, advertising, media, agricultural equipment, food and beverage, entertainment, exporting, financial, real estate and periodical distribution industries.
The investment in privately owned HighStreet is the Pattison Group’s first venture into the Canadian P&C insurance sector, a HighStreet executive told Canadian Underwriter of the deal.
HighStreet, headquartered in Edmonton, is a full-service, independent insurance brokerage and risk management firm with offices in Edmonton, Calgary and Toronto. The brokerage has been servicing Canadian businesses and high-net-worth individuals since 2014, providing clients with risk management strategies and insurance solutions.
Like Pattison, HighStreet has a diverse client base, offering risk advice and insurance coverage for Canadian organizations in a wide range of business sectors, including architects and engineers, the commercial and industrial sector, construction, consulting, D&O, financial services, health care, life sciences, oil and gas, surety bonds, sports and recreation, surety bonds, transportation and technology, and more.
“For almost a decade HighStreet has been providing Canadian businesses with risk management and insurance services,” Tate said of the deal. “HighStreet and Pattison share the same values, vision, and a commitment to high service standards.
“This investment by Pattison into HighStreet presents tremendous opportunities for growth that we can pursue together and the resources to capitalize on them. We are very excited and look forward to a long and mutually beneficial association with the Jim Pattison Group.”