Axxium Assurance marks the third acquisition of Storm Insurance in 2019
Storm Insurance Group, a Canadian insurance brokerage firm, has acquired Axxium Assurance, an insurance agency based in Montreal, Quebec, for an undisclosed price.
Axxium Assurance is a damage insurance firm which has been doing business since 2009. The insurance agency was founded by Sébastien Vaval, who was previously a board member of the Insurance Brokers Association of Quebec.
Vaval said: “We are proud to join the Storm Insurance Group after ten years of existence. This will allow Axxium Assurance to explore new opportunities while continuing its growth strategy.
“We will now have more tools, greater capabilities, and a broader range of services to offer our customers. With Storm, our personnel and, most importantly our loyal customers, we’re on the perfect track to implement our long term strategies.”
Storm Insurance said that Vaval alongside the company’s eastern region vice president Timothy Branson will lead the Quebec brokerage. The duo will focus on a targeted organic growth strategy, new distribution channels, and additional acquisitions.
Storm Insurance president Jamie Reid said: “Axxium is Storm’s first acquisition in Quebec; a strategic achievement towards our Vision 2020 strategy. This opportunity now makes us one of Canada’s few National Independent Insurance Brokers with full operations in all four regions; Atlantic, Quebec, Ontario and West.”
Axxium Assurance is the third brokerage acquisition for Storm Insurance this year after Ontario-based Wardell Insurance in January and Alberta-based Sheppard Insurance in May.
Headquartered in Nova Scotia, Storm Insurance is a multi-channel group of insurance organisations. The insurance group is engaged in partnering with insurance firms, insurance brokerages, associations, and other organisations looking for customised solutions suiting their needs.
The group’s operations include a commercial lines operation, a retail personal lines brokerage, an insurance MGA/wholesaler, a digital insurance operation, and a national call centre.
Storm Insurance Group said that it has opened offices across Ontario and Alberta since 2014 apart from making other acquisitions in the two provinces. Some of its acquisitions include Ontario-based Robert C. Davis Insurance of Waterdown and Alberta-based Robinson Insurance of Edmonton.