Axis Insurance Managers, which initially invested in The Magnes Group in 2015, has acquired the insurance brokerage for an undisclosed sum.
Magnes, established in 1933, employs more than 100 people across three offices located in Oakville, North York, and Longueuil. The firm specializes in commercial insurance, personal insurance, and life and employee benefits.
The acquisition will see Magnes integrated into Axis Insurance in the coming months. Merged practice groups will include aviation, professional & financial services, personal insurance, life & benefits, and transportation becoming part of the expanded Axis framework.
The two camps’ leadership teams, meanwhile, are working together to ensure a smooth transition and cohesive organizational structure.
“We are thrilled to see the fulfilment of a vision established nine years ago with Axis,” Magnes president and chief executive Andy Sloan commented. “Combining the Magnes and Axis teams will provide our professionals with the enhanced resources and expertise to continue to ensure the best results for our clients.”
Founded in 2010, Axis Insurance has grown to span over 300 experienced professionals, boasting a significant presence across Canada. The company offers strategic advice and solutions aimed at mitigating, reducing, or transferring business and personal risks.
“Expanding in Ontario and Quebec has been of key strategic importance to Axis for some time, beginning with our strategic investment in Magnes nine years ago,” Alex Meier, president and CEO of Axis Insurance, stated. “Magnes is recognized for delivering a high level of knowledge, expertise, and tailored solutions to their clients.
“They will bolster our expertise in commercial, personal, and life & benefits insurance solutions, provide a greater geographic reach for our platform, and solidify our position as a national brokerage leader, distinguished by robust specialty practice groups. We are excited to welcome the Magnes team to Axis.”
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