Westland Insurance Group has announced a new capital partnership with the globally renowned institutional investor Ontario Teachers’ Pension Plan.
A Press release from Westland said the investment will be made through BroadStreet Partners, which is Ontario Teachers’ financial platform for investing in insurance distribution.
“We’re very excited to partner with Ontario Teachers’ and BroadStreet on Westland’s future growth,” said Jamie Lyons, president and CEO of Westland Insurance. “Most importantly, our new partners share our values and long-term vision.”
The partnership will enable Westland to reinforce its commitment to supporting Canadian businesses and communities, the company release noted, while continuing its expansion across the country.
The partnership will also bring Ontario Teachers’ and BroadStreet into Westland’s existing shareholder base, with the founding Wubs family retaining a significant stake in the company.
“With the support of Ontario Teachers’ and BroadStreet, we’ll further expand Westland’s presence coast-to-coast and continue our journey to become Canada’s favorite insurance broker,” Lyons added.
The transaction is expected to be completed during Q2 2023, subject to customary closing conditions, including regulatory approvals. Operational control will remain with the Wubs and management following the transaction, according to Westland.
“Ontario Teachers’, through its financial partnership with BroadStreet, invests in select, high performing, and entrepreneurial insurance brokers with superior management teams, which makes them a great fit for this partnership,” Lyons said. “The investment is a signal of confidence in Westland’s long-term potential, growth strategy, and future vision.”
Lyons’ statement also acknowledged that Blackstone Credit will be exiting its investment in the firm.
Last December, Westland announced that it was expanding its partnership with the credit-focused asset manager. This expansion brought Blackstone’s aggregate investment to $1.4 billion.
“We’d also like to thank Blackstone Credit, who will be exiting their investment in Westland, for their outstanding partnership, unwavering support, and commitment to helping us transform into Canada’s leading national broker over the last two and a half years,” Lyons said.
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