Westland expands into two new provinces
Westland Insurance coverage has entered into Prince Edward Island and New Brunswick for the primary time, making it one of many largest insurance coverage brokers in Atlantic Canada.
The western Canadian-based brokerage introduced Tuesday the acquisition of Hyndman Insurance coverage Group, Sears Insurance coverage, Hyndman & Firm and Hickey & Hyndman. This Group of affiliated firms is among the largest and oldest insurance coverage brokers in Canada.
Hyndman & Firm dates again to 1872 when Hyndman Insurance coverage was based. Collectively, Charlottetown-based Hyndman Insurance coverage Group has 100 workers and 13 places. The Group affords a wide range of business insurance coverage, together with surety bonds, farm insurance coverage, marine insurance coverage and business basic legal responsibility, amongst others.
Westland president and chief working officer Jamie Lyons — who will become president and CEO of Westland on Jan. 1, 2023 — stated the brokerage is happy to serve new purchasers. “We really feel there may be nice cultural alignment with Hyndman and the provinces of P.E.I. and New Brunswick,” Lyons advised Canadian Underwriter.
“Strengthening our presence in Atlantic Canada is an enormous a part of our nationwide technique…” he stated. “Hyndman is a novel enterprise given the longevity and historical past it has loved and is a improbable complement to our Nova Scotia groups. We’re assured it is going to be a easy transition and are excited to maneuver ahead with the workforce beneath the management of Gordie Walsh as vice chairman, Atlantic.”
Westland trades greater than $2.5 billion of premium and affords private, business, farm and specialty insurance coverage in addition to worker advantages. With this newest acquisition, is now of the one largest insurance coverage brokers in Atlantic Canada with practically 200 workers and 19 places.
The brokerage at the moment doesn’t have places in Newfoundland and Labrador or the territories, “though we do serve these markets,” Lyons stated. “Now we have explored, and can proceed to discover alternatives for development, in addition to bodily presence in these areas.”
Westland’s newest acquisition is its 26th within the final 12 months.
In October, it purchased Arrow Insurance Agency, Emsland & Associates Insurance, and IBMG Canada Inc. Arrow Insurance coverage is Westland’s first location within the metropolis of Fort St. John, B.C.; Emsland & Associates provides a location in Kamloops, B.C.; and IBMG Canada “will increase Westland’s presence within the strategically vital Larger Toronto Space.”
In September, Westland recorded one other first when it entered a brand new trade vertical and the U.S. market with the acquisition of Front Row Insurance Brokers, one of many largest movie and leisure insurance coverage brokers in North America.
In different brokerage M&A information, SIB Corp. (working as StoneRidge Insurance coverage Brokers) has acquired Safeway Insurance coverage and Monetary Providers Inc., increasing its private and business insurance coverage presence within the Larger Toronto Space. Safeway, based in 1966, supplies P&C insurance coverage merchandise in addition to life insurance coverage and funding choices.
SIB Corp. has already accomplished seven transactions thus far in 2022, with one other three anticipated to shut by the tip of the yr, SIB Corp. president and CEO Ted Puccini stated in a launch when the deal was introduced.
Function picture by iStock.com/nespix
