GroupAssur, a Managing General Agent in Canada that offers property and casualty insurance, merged with Evolution Insurance, and a wholesaler firm in Quebec that provides risk programs and services.
The majority of GroupAssur’s interest is owned by Novacap, one of Canada’s largest private equity companies. After the merge, each firm will run under its established brand names for the time being. In 2022, they aim to complete integration.
According to Novacap, GroupAssur has become the biggest private Canadian MGA P&C, as a result of the merger.
Jean-Francois Raymond, GroupAssur’s President, said “With Evolution’s global relationships and expertise, we will be able to have a broader product offering in additional markets with increased distribution.”
“Furthermore, our philosophies are fully aligned, as we are both always striving to meet the needs of our customers and brokers in markets where it is becoming increasingly difficult to find specialized products for clients.”
Louis-Philippe Ferland and Yves Daigneault founded Evolution in 2008. Evolution owners will remain to be GroupAssur shareholders.
Yves Daigneault, Evolution Insurance President of Terrebonne, said “We have known Jean-François and GroupAssur for many years and are impressed by the great company they have built.”
“With Novacap’s guidance, we are proud to be joining with this great company in the next leg of our growth. With our combined capabilities, we foresee many great synergistic relationships developing across all of our customer, broker, and client networks, for the benefit of all stakeholders.”
Marcel Larochelle, Novacap’s Managing Partner of Financial Services, said “With this transaction, we continue to grow a strong national platform that can meet the needs of brokers and their clients across a broad spectrum of products and geography.”
“Evolution has emerged as a strong player in the P/C marketplace, which will complement well with GroupAssur’s product offerings and target markets.”