Managing general agent and P&C insurance specialist GroupAssur has merged with Evolution Insurance, another MGA and wholesaler which specializes in complex risks.
Evolution, founded in 2008, is currently led by Yves Daigneault and Louis-Philippe Ferland. A release said that the MGA focuses on managing complex risks that require “a specialized approach and mindset.”
Following the acquisition, Evolution’s owners will continue as shareholders of GroupAssur.
The deal comes months after private equity firm Novacap acquired a majority interest in GroupAssur.
“We are thrilled to bring together two great companies and two great cultures, led by exceptional entrepreneurs,” commented Novacap managing partner of financial services Marcel Larochelle. “With this transaction, we continue to grow a strong national platform that can meet the needs of brokers and their clients across a broad spectrum of products and geography.”
Larochelle added that Evolution is a “strong player” in the P&C marketplace; the merger means Evolution’s capabilities will complement GroupAssur’s product offerings and target markets.
“When we partnered with Novacap in 2020, our goal was to build the best MGA platform in Canada. By combining with Evolution, we are well on our way,” said GroupAssur president Jean-Francois Raymond. “With Evolution’s global relationships and expertise, we will be able to have a broader product offering in additional markets with increased distribution.”
“We have known Jean-François and GroupAssur for many years and are impressed by the great company they have built,” stated Evolution Insurance president Yves Daigneault. “With Novacap’s guidance, we are proud to be joining with this great company in the next leg of our growth. With our combined capabilities, we foresee many great synergistic relationships developing across all of our customer, broker and client networks, for the benefit of all stakeholders.”
