Westland Insurance Group announces new capital partnership with the Ontario Teachers’ Pension Plan
“Made in Canada” solution will have long-term benefits for Westland’s Canadian growth strategy
April 17, 2023, Surrey, BC/Territories of the Coast Salish (Kwantlen, Katzie, Semiahmoo, Tsawwassen First Nations) – Westland Insurance Group (“Westland”), one of the largest independent insurance brokers in Canada, is pleased to announce a new partnership with Ontario Teachers’ Pension Plan (“Ontario Teachers’”), a globally renowned institutional investor. The investment will be through BroadStreet Partners, Inc. (“BroadStreet”), Ontario Teachers’ financial platform for investing in insurance distribution.
With this partnership, Westland reinforces its commitment to supporting Canadian businesses and communities and plans to continue its expansion across the country. Ontario Teachers’ and BroadStreet complement Westland’s existing shareholder base, which includes the founding Wubs family, who will retain a significant stake in the company. Operational control will remain with the Wubs and management following the transaction.
“We’re very excited to partner with Ontario Teachers’ and BroadStreet on Westland’s future growth,” said Jamie Lyons, President & CEO of Westland Insurance. “Most importantly, our new partners share our values and long-term vision. This partnership provides us with the capital needed to continue investing in our business and delivering market leading insurance solutions to more Canadians. With the support of Ontario Teachers’ and BroadStreet, we’ll further expand Westland’s presence coast-to-coast and continue our journey to become Canada’s favourite insurance broker.”
Lyons continued, “Ontario Teachers’, through its financial partnership with BroadStreet, invests in select, high performing, and entrepreneurial insurance brokers with superior management teams, which makes them a great fit for this partnership. The investment is a signal of confidence in Westland’s long-term potential, growth strategy, and future vision. We’d also like to thank Blackstone Credit, who will be exiting their investment in Westland, for their outstanding partnership, unwavering support, and commitment to helping us transform into Canada’s leading national broker over the last two and a half years.”
The transaction is expected to be completed during Q2 2023, subject to customary closing conditions, including regulatory approvals.
Evercore served as financial advisor to Westland in connection with the transaction and Stikeman Elliott LLP served as its legal advisor. BMO Capital Markets and RBC Capital Markets served as financial advisors to BroadStreet and Ontario Teachers’, and Torys LLP and Weil, Gotshal & Manges LLP served as their legal advisor.
About Westland Insurance Group
Westland Insurance Group is one of the largest and fastest-growing independent insurance brokers in Canada. Trading over $3 billion of premium, Westland continues to expand coast to coast. Westland’s brokers provide expertise and advisory-based services across commercial, personal, employee benefits, farm, and specialty insurance segments. Since its founding in 1980, Westland has remained committed to supporting its clients, industry partners and local communities. For more information, please visit westlandinsurance.ca
About BroadStreet Partners, Inc.
BroadStreet Partners, Inc. is an insurance brokerage holding company headquartered in Columbus, Ohio with partners operating across the United States. BroadStreet’s unique co-ownership model has created ownership opportunities for more than 450 agency professionals. Through the collective scale of its partners, BroadStreet is among the largest insurance brokerage holding companies in the United States. www.broadstreetcorp.com
About Ontario Teachers’ Pension Plan
Ontario Teachers’ Pension Plan Board (Ontario Teachers’) is a global investor with net assets of $247.2 billion as at December 31, 2022. We invest in more than 50 countries in a broad array of assets including public and private equities, fixed income, credit, commodities, natural resources, infrastructure, real estate and venture growth to deliver retirement income for 336,000 working members and pensioners.
With offices in Hong Kong, London, Mumbai, San Francisco, Singapore and Toronto, our more than 400 investment professionals bring deep expertise in a broad range of sectors and industries. We are a fully funded defined benefit pension plan and have earned an annual total-fund net return of 9.5% since the plan’s founding in 1990. At Ontario Teachers’, we don’t just invest to make a return, we invest to shape a better future for the teachers we serve, the businesses we back, and the world we live in. For more information, visit otpp.com and follow us on LinkedIn.
Jessica Thiessen, Senior Manager, Communications
Phone: +1 778-288-7894
Ontario Teachers’ Pension Plan:
Dan Madge, Director, External Communications
Phone: +1 416-419-1437