GroupAssur expands North American footprint by acquiring Ontario-based Eagle Underwriting
MONTRÉAL, Oct. 26, 2021 /CNW Telbec/ - GroupAssur, a Canadian Managing General Agent ("MGA") specializing in Property and Casualty ("P&C") insurance lines, today announced the acquisition of Eagle Underwriting ("Eagle"), an independent managing agent who has been writing insurance for "Things That Move", delivering superior products, underwriting expertise, and first class claims service to brokers and their clients in Canada and the United States. Novacap, one of Canada's leading private equity firms who has owned majority interest in GroupAssur since 2020, is pleased to see GroupAssur act on its objectives to enhance its offering and expand its footprint beyond Canadian borders.
Founded in 1996, Eagle Underwriting is an expert in the field of transportation, trade and moveable property. With this portfolio acquisition, GroupAssur will be adding new lines of products to its offering and gaining the expertise required to insure clients operating within the highly complex marine, cargo, and aviation sectors. This will also support GroupAssur's international growth objectives, as Eagle already underwrites policies relative to cargo shipping in the United States.
Eagle underwriting will continue to operate under their existing structure and brand name. Current management and shareholders will remain on board, under the leadership of Bernie Cisseck, Chairman, Eagle Underwriting.
"Eagle is honored to join GroupAssur, further expanding their suite of specialized insurance products," said Bernie Cissek, Chairman, Eagle Underwriting. "Their stellar reputation for competitive underwriting initiatives, complemented by our unique service offering and deep industry insight, will provide GroupAssur with the tools required to expand their business among new audiences and geographies."
"Today's announcement marks a significant milestone for GroupAssur," said Jean-Francois Raymond, President of GroupAssur. "Our goal has been to build the best MGA platform in Canada. With the onboarding of Eagle's expertise, we will be going beyond the objectives we have set for ourselves, opening a door into the US market and moving forward into our next phase of growth."
Founded in 1993 by a group of brokers coming together to provide services to larger enterprises, GroupAssur is an MGA servicing specialized insurance needs of brokers and customers across Canada. The company provides underwriting services for complex insurance policies on behalf of Canadian insurance carriers, international insurance carriers, and Lloyd's of London insurance syndicates. GroupAssur is headquartered in Montreal, QC, with additional offices in Quebec City, Terrebonne and Brossard, QC, and Markham, Ontario. For more information, please visit www.groupassur.com
About Eagle Underwriting
Eagle Underwriting is an independent managing agent, founded in 1996 by current chairman, Bernie Cissek, and has offices in Brampton, Ontario and Vancouver, British Columbia. Eagle has been writing insurance for "Things That Move", delivering superior products, underwriting expertise, and first class claims service to brokers and their clients. For more information, please visit www.eagleunderwriting.com
Founded in 1981, Novacap is a leading North American private equity firm with more than C$8B of AUM that has invested in more than 100 platform companies and completed more than 150 add-on acquisitions. Applying its sector-focused approach since 2007 in TMT, Industries, Digital Infrastructure and now Financial Services, Novacap's deep domain expertise can accelerate company growth and create long-term value. With experienced, dedicated investment and operations teams as well as substantial funding, Novacap has the resources and knowledge to build world-class businesses. Novacap has offices in Brossard, Québec and Toronto, Ontario. For more information, please visit www.novacap.ca.
SOURCE Novacap Management Inc.
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