Westland Insurance Group has announced that its partnership with the credit-focused asset manager Blackstone Credit has been expanded.
Blackstone Credit had initially invested in Westland in January 2021, then later made another investment in January 2022. The asset manager has now led an additional $200 million commitment, in support of Westland’s growth strategy. This financing amount includes an undrawn debt facility, which would enable strategic acquisitions.
The new investment brings Blackstone’s aggregate investment in Westland to $1.4 billion to date.
“We’re thrilled to continue our partnership with Blackstone Credit,” said Westland Insurance president and CEO Jamie Lyons. “The global scale and resources that this partnership brings further strengthens our ability to diversify our platform by vertical, service offering, and geography. As we strive to be Canada’s favourite insurance broker, Blackstone’s support means we can continue to invest in innovative products for clients, opportunities for employees, and giving back to our local communities, all while remaining a proudly Canadian-owned company.”
Lyons succeeded Jason Wubs as CEO of Westland in October 2022. Wubs transitioned to the newly created role of vice chair, head of mergers & acquisitions and strategic initiatives.
“Jamie and the Westland team have had terrific momentum over the past few years, building on the company’s roots as a trusted regional player to become a leading national broker, while maintaining focus on each community they serve,” commented Blackstone Credit senior managing director Michael Carruthers. “We are pleased to further scale our partnership, bringing the resources of our global platform to bear as Westland expands upon its product offering to better serve new and existing customers.”
Westland has completed more than 26 acquisitions across Canada in 2022. Just last week, the brokerage announced three acquisitions: Hyndman Insurance Group in Atlantic Canada, Gateway Insurance Group in Nova Scotia, and Hutcheson, Reynolds & Caswell Insurance in Ontario. It continues to be one of fastest growing insurance brokers in Canada, trading over $2.5 billion of premium.
