The acquisition will support Westland Insurance in its expansion strategy to serve more and more Canadian communities
Westland to acquire Nova Scotia-based insurance broker. (Credit: Pixabay/Tumisu.)
Westland Insurance Group, a Canada-based property and casualty broker, has agreed to acquire Nova Scotia-based Storm Insurance Group for an undisclosed amount.
Storm Insurance Group is a brokerage firm operating under several brands including retail brokerages A.P. Reid, Sheppard, and Axxium, group brokerage MyGroup, MGA Agile Underwriting Solutions and digital insurance platform ZipSure.ca.
The firm is said to be specialised in partnering with carriers, brokerages, associations and other organisations and sells custom insurance solutions and programmes.
Expected to be closed in January next year, the deal will support Westland Insurance in its expansion strategy to serve more and more Canadian communities.
Westland Insurance president and chief operating officer Jamie Lyons said: “We’re thrilled to be expanding our presence across Canada with such an entrepreneurial, innovative and well-established leader in the insurance industry.
“Similar to Westland, the Storm Insurance Group was started in 1980 as a small, family-owned business. It is now a national multi-channel insurance distributor, servicing Canadians in all provinces and territories.
“Under its founder Aileen Reid, and more recently under the visionary leadership of CEO Jamie Reid and his executive team, Storm has set itself apart in the industry by investing in cutting-edge, customer-centric solutions. We’d like to welcome the whole Storm team to the Westland family.”
The deal is Westland Insurance’s first acquisition with offices in the provinces of Nova Scotia and Quebec.
Through the deal, the company expects to add new branches across the Western, Central, Quebec and Atlantic regions, with more than 120 employees in six provinces and over 100,000 clients across the country.
Storm Insurance Group president and CEO Jamie Reid said: “Joining Westland is an exciting next step in Storm’s journey to become a leader in the Canadian Insurance Industry. This move will advance our strategic position and build on the growth and success of our employees and businesses.
“As part of Westland, we will benefit by expanding our capacity, resources, and market position. Joining Westland will also allow us to continue investing in innovative platforms and attracting top industry talent.”
Once the deal is closed, Westland Insurance will serve from more than 150 locations, supported by a workforce of 1,700 across the provinces of British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Quebec and Nova Scotia.
Last month, Westland Insurance acquired MIG Insurance Group, a Portage La Prairie, Manitoba-headquartered insurance agency.
The agency offers residential, auto, life, travel, recreation, farm and commercial insurance services. The firm has a workforce of more than 50, spread across eight offices in Manitoba Province.