Canadian equity firm, Novacap has announced the acquisition of a majority interest in GroupAssur Inc.
GroupAssur is a general agent that specialises in Property and Casualty insurance lines, offering insurance products across Canada.
Headquartered in Montreal, GroupAssur provides insurance solutions to its country-wide network of Canadian brokers.
Marcel Larochelle, Managing Partner, Financial Services at Novacap commented: “Novacap is excited to build on GroupAssur’s position as the most accomplished Canadian owned MGA.
“We are committed to supporting GroupAssur in developing new products and diversify its markets. We are focused on long term value creation through the provision of active support, deep operational expertise and long-term growth capital to help companies develop strategic competitive advantage and realize their full potential.”
Rajiv Bahl, Senior Partner at Novacap added: “The acquisition of GroupAssur represents an extremely attractive opportunity to drive additional growth through M&A and development of new markets across Canada and beyond. GroupAssur’s seasoned and respected management team has a stellar reputation with carriers and brokers and we are very enthusiastic to partner with them for GroupAssur’s next phase of growth.”
Jean-Francois Raymond, President of GroupAssu, said: “As an MGA, GroupAssur strives to meet the needs of their customers and brokers in a market where it is becoming increasingly difficult to find specialised products for clients. Offering advantageous and competitive underwriting initiatives in a one stop shop approach is at the heart of our success. We are honoured to partner with Novacap to drive GroupAssur into its next stage of expansion.”