Managing general agent GroupAssur has acquired Eagle Underwriting, an independent managing agent.
Eagle Underwriting offers insurance products, underwriting expertise, and claims service to brokers and their clients in both the US and Canada. Founded in 1996, the company is an expert in the field of transportation, trade, and moveable property.
According to a release from GroupAssur, the acquisition will add new lines of insurance to its offering, while gaining the expertise required to insure clients operating within the complex marine, cargo, and aviation sectors. The acquisition also support’s GroupAssur’s international growth objectives, since Eagle already underwrites cargo insurance in the US.
"Eagle is honored to join GroupAssur, further expanding their suite of specialized insurance products," said Eagle Underwriting chairman Bernie Cissek. "Their stellar reputation for competitive underwriting initiatives, complemented by our unique service offering and deep industry insight, will provide GroupAssur with the tools required to expand their business among new audiences and geographies."
"Today's announcement marks a significant milestone for GroupAssur," said GroupAssur president Jean-Francois Raymond. "Our goal has been to build the best MGA platform in Canada. With the onboarding of Eagle's expertise, we will be going beyond the objectives we have set for ourselves, opening a door into the US market and moving forward into our next phase of growth."
Following the transaction, Eagle Underwriting will continue to operate under its existing structure and brand name. Current management and shareholders will remain on board under the leadership of Cissek.
