Independent property and casualty (P&C) insurance broker Westland Insurance Group has expanded its partnership with Blackstone Credit (Blackstone).
Since its initial investment a year ago, Blackstone has committed over $1.2 billion to support Westland’s growth, which has included a facility dedicated to funding the company’s acquisition strategy.
The company has expanded into commercial P&C with the recent acquisitions of Ontario-based brokerages Tredd Insurance Brokers and Bunnell Hitchon Insurance Brokers.
Westland has also grown its presence with large-scale acquisitions such as Reider Insurance and MBS Insurance Brokers in 2021.
Jason Wubs, CEO of Westland Insurance said: “Our partnership with Blackstone Credit, which brings global scale and resources, as well as deep expertise in the insurance sector, has provided us with a competitive edge and allowed us to significantly accelerate our growth strategy, while remaining a family-owned, independent business.
“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.”
Michael Carruthers, a Senior Managing Director at Blackstone Credit, based in Toronto commented: “The Westland team has built an exceptional insurance business, which has evolved from a regional player to a leading national broker, while remaining deeply committed to each local community it serves.
“We’re excited to expand our partnership and support key future growth, including acquisitions, which will bolster Westland’s distribution offerings across home, commercial, auto and other specialised insurance products.”