Surrey, British Columbia, Jan. 12, 2022 (GLOBE NEWSWIRE) – Westland Insurance Group Ltd. (“Westland”), one of Canada’s largest and fastest growing independent property and casualty insurance brokers and a family-owned business, announced today that it has expanded its partnership with Blackstone Credit (“Blackstone”). Building on its initial investment in January 2021, Blackstone has committed more than $1.2 billion to support Westland’s continued growth, including a facility dedicated to financing the company’s acquisition strategy.
Westland was founded in 1980 by founder Jeff Wubs as a one-office brokerage in Ladner, British Columbia to cater to the insurance needs of individuals and businesses. It has grown into one of the largest independently owned insurance distributors in Canada and today offers a full range of P&C insurance products from over 190 locations across the country. After its initial investment from Blackstone, one of the world’s largest credit-focused asset managers, Westland solidified its foothold in the P&C business with recent acquisitions of two Ontario brokerage firms, Tredd Insurance Brokers Ltd. and Bunnell Hitchon Insurance Brokers Inc. It expanded its presence from coast to coast through large-scale acquisitions such as Reider Insurance and MBS Insurance Brokers in 2021.
“Our partnership with Blackstone Credit, which provides global scope and resources, as well as deep experience in the insurance sector, has provided us with a competitive advantage and allowed us to significantly accelerate our growth strategy, while continuing to remain an independent, family business,” said Jason Webbs, CEO of Westland. Insurance.”
said Michael Carothers, senior managing director at Blackstone Credit, which is based in Toronto. “We are excited to expand our partnership and support key future growth, including acquisitions, which will enhance Westland’s distribution offering across home, commercial, auto and other specialty insurance products.”
About Westland Insurance Group
Westland Insurance Group is one of Canada’s largest and fastest growing independent property and casualty insurance brokers. With more than 2,200 employees and handling $2.5 billion in premiums, Westland continues to expand from coast to coast. Westland Brokers provides expert advice to commercial, personal, farm, life and group insurance clients. Since its founding in 1980, Westland has been a family business committed to supporting its local communities. For more information, please visit westlandinsurance.ca.
About Blackstone Credit
Blackstone Credit is one of the world’s largest credit-focused asset managers, with $188 billion in assets under management. They seek to generate attractive risk-adjusted returns for their clients by investing in the entire corporate credit market, from public debt to private loans. Its capital supports a wide range of businesses across sectors and geographies, enabling businesses to expand, invest, and navigate changing market environments. Blackstone Credit is a division of Blackstone. For more information, please visit blackstone.com.
Westland Insurance Group Limited.
Carrie Watson, Senior Vice President, Marketing and Customer Experience
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