Troy Moreira has announced his return to the specialty managing underwriting agency (MUA) arena in Canada with the acquisition of PLUS Underwriting Managers Ltd.
The industry veteran, who is the former CEO and principal owner of Premier Marine and Premier Canada Assurance, has acquired 100% of PLUS through Mar Nova Holdings, his investment holding company.
Formed in 2010, PLUS is based in Vancouver, British Columbia, and is licensed across Canada (excluding Quebec). It distributes property and casualty insurance products through approximately 200 brokerage partners.
“After a short break from the insurance industry, I am thrilled to announce my return to the
specialty managing underwriting agency arena in Canada,” said Moreira. “PLUS will serve as an excellent foundation upon which to grow a multi-line specialist underwriting agency to serve brokerages across Canada. I welcome the existing PLUS team and look forward to growing our product offering and team of experts across Canada.”
PLUS was formerly owned by Alex Meier, the CEO and main shareholder of Vancouver-based AXIS Insurance Group, which is the amalgamation of several personal and commercial insurance brokerages. Meier said he was “pleased to complete the transaction” with Moreira.
“I am confident it will give the current PLUS team an excellent opportunity to grow their underwriting skills as well as provide the PLUS broker distribution partners more specialty products and improved service,” Meier added. “As CEO of the Axis Insurance Group, the amalgamation of several of western Canada’s best-in-class insurance brokerages, I was already familiar with Troy and his commitment to product ingenuity and service. I am looking forward to watching the PLUS platform grow and will be a supporting broker distribution partner for Troy and his team.”
Moreira is confident that he is meeting “a large need” in the MUA market. He said that, prior to the transaction, many of his past broker distribution partners and insurer partners had expressed a need for a “truly independent and entrepreneur operated MUA” to counteract extensive industry consolidation.
“So, here I am back at the helm and already assembling a new team,” he said. “My team and I have big plans for PLUS that will benefit broker distribution in Canada and our underwriting partners - we are very excited for the future.”
