Synex Business Performance has entered into a strategic partnership with FSB Group Ltd., which includes two established brokerages in the Greater Toronto Area: FSB Insurance Ltd. and FSB Commercial Ltd.
The deal is viewed as part of Synex’s strategy to strengthen its presence in the Canadian market and expand its reach to new regions and customer segments. With a team of over 115 employees and brokers, FSB manages more than $125 million in premiums and offers a range of insurance solutions, including personal, commercial, and high-net-worth coverage.
“This partnership with FSB is in line with our vision of building a strong, independent national network that supports local brokerages,” said Yan Charbonneau, chairman of the board and chief vision officer of Synex. “We are pleased to welcome the FSB team to Synex and look forward to the continued growth of our combined operations across Canada.”
The partnership with Synex will accelerate FSB’s growth while preserving its strong local presence and entrepreneurial culture. Synex’s approach is expected to provide FSB with the necessary tools, expertise and support to expand its operations.
“We are proud of the reputation FSB has built over nearly four decades,” said Paul Brown, CEO of FSB Group. “This partnership with Synex marks an important step in our growth, allowing us to continue evolving while staying true to our values and local roots.”
FSB said Dowling Hales served as its exclusive financial adviser.
Synex is a private insurance brokerage firm operating across Canada, founded in 2020 and based in Quebec City, with brands Synex Insurance and Synex Group Solutions. It specializes in commercial and personal property and casualty insurance, group insurance, and financial services.
Recent investment from CDPQ and Ares Management Credit funds is expected to play a key role in supporting Synex’s continued growth, enabling the company to pursue additional acquisitions and other growth opportunities.
The company’s recent acquisition of BMB Assurances also underscored its dedication to expanding its footprint within the Canadian insurance brokerage sector.
