Westland Insurance has struck up deals for two businesses, having bought Quebec’s Niche Assurance and Saskatchewan’s Heritage Insurance.
Niche Assurance has three locations in Quebec and focuses on the non-standard condo, residential, and commercial marker, in addition to the construction, hospitality and food service sectors.
The deal marks Westland’s second in Quebec this year, adding to its January Montreal-based Assurances R. Legault buy.
The latest provincial addition specializes in “less conventional risk”, an area that Westland continues to expand in, according to the acquirer’s press release.
Niche Assurance is set to become part of Westland MyGroup.
Moose Jaw-based Heritage Insurance was founded in 1982 and provides personal, auto, commercial, and farm insurance.
“Mark Pedicelli and the Niche team are passionate insurance professionals, and Heritage Insurance – under the leadership of Greg Marcyniuk – has an exceptionally strong orientation towards client experience,” said Jamie Lyons, Westland president & CEO.
“We feel tremendous cultural alignment with both brokerages and are grateful for the opportunity to continue our growth in Quebec and Saskatchewan with such outstanding teams.”
Lyons has been in the CEO post since the start of January, when he succeeded current Westland vice chair, head of mergers & acquisitions and strategic initiatives Jason Wubs.
Other recent additions to the Westland stable include RiskTech Insurance Services, Gateway Insurance Group, and Hutcheson, Reynolds & Caswell Insurance.
Late last year, asset manager Blackstone Credit made a $200 million financing commitment to the group, including an undrawn debt facility for acquisition purposes. Blackstone had previously made Westland investments in 2021 and 2022, with the latest addition bringing its total investment in the firm to $1.4 billion.
