Storm Insurance Group has acquired the Montreal, QC-based Axxium Assurance, effective November 01, 2019.
According to Storm Insurance president Jamie Reid, Axxium is the national broker's first acquisition in Quebec, which is a strategic achievement towards the company’s business vision for 2020.
“This opportunity now makes us one of Canada’s few national independent insurance brokers with full operations in all four regions; Atlantic, Quebec, Ontario and West,” Reid added.
Axxium was founded in 2009 by Sébastien Vaval, who is a former board member of the Insurance Brokers Association of Quebec.
“We are incredibly fortunate to welcome Sébastien Vaval and the Axxium team to Storm. Sébastien’s entrepreneurial drive and ambition will be an asset to our group as we expand in Quebec and throughout the rest of Canada,” commented Reid.
“We are proud to join the Storm Insurance Group after 10 years of existence. This will allow Axxium Assurance to explore new opportunities while continuing its growth strategy,” added Vaval, who noted that his team will now have more tools, greater capabilities, and a broader range of services to offer to their customers.
Following the transaction, Storm Insurance eastern region vice-president Timothy Branson will lead Axxium alongside Vaval. A release said that the two will focus on a targeted organic growth strategy, new distribution channels, and even more acquisitions.
This is Storm’s third acquisition for the year. In January, the employee-owned independent insurance brokerage acquired Wardell Insurance in Burlington, ON. Later, in May, Storm Insurance closed its acquisition of the Edmonton, AB-based Sheppard Insurance Services and Risk Management, which has been in business for some 40 years.
