Insurance Acquisitions in Canada

Axis Insurance Managers Inc. has acquired Treasures Insurance Edmonton Inc., strengthening Axis’s presence in Alberta and expanding its ability to deliver commercial and personal insurance and advisory services across Canada. As part of the transition, Chris Waye joined Axis as Senior Vice President, Corporate Development & Director Edmonton to support the firm’s Edmonton expansion.

Vancouver-based Axis Insurance has acquired Edgewater Financial Group and Kearns Edgewater Financial Services and purchased the group benefits portfolio from Kearns Insurance Corporation. The moves expand Axis’s national life, benefits and wealth capabilities and bring senior hires — Scott Beckett and John Stoneman — into Axis’s benefits and wealth practice.

Definity Financial Corporation has completed the acquisition of the personal insurance business and the majority of the commercial insurance business (excluding surety) of The Travelers Companies' Canadian operations. The deal expands Definity's scale and distribution reach in the Canadian property & casualty market, raising combined annual premiums to about $6 billion and is expected to be immediately accretive to operating EPS with meaningful expense synergies.

Westland Insurance Group has acquired PV&V Insurance Centre Ltd. and Meester Insurance Centre, effective January 1, 2026, expanding its footprint in Southern Ontario. The deal adds local brokerage teams in Burlington and Smithville and brings specialized greenhouse and agricultural insurance expertise to Westland's portfolio.

Beneva and Gore Mutual completed their merger effective January 1, 2026, combining two mutual insurers to expand Beneva's presence in the Canadian property and casualty market. Gore Mutual will combine operations with Beneva subsidiary Unica and is expected to operate as a standalone Beneva subsidiary while brands transition over the next year; all required regulatory and member approvals were obtained.

SIB Corp. (StoneRidge Insurance Brokers), a PE-backed Canadian insurance brokerage platform, has acquired Coreservice Insurance Brokers Inc., a North York, Ontario-based full-service brokerage. Founders Kevin Choi and Halim Lee will remain in leadership during a gradual transition as SIB expands its footprint in the Greater Toronto Area to strengthen personal and commercial lines capabilities.

HGGC completed an investment in Sterling Brokers, a Toronto-based benefits brokerage and third-party administrator, acquiring the company from True Wind Capital. Financial terms were not disclosed; Carlyle Direct Lending and Northleaf Capital Partners provided debt financing to support the transaction.

Westland Insurance Group Ltd. announced the acquisition of Calgary-based Beneficial Insurance Solutions (a division of Bencharski Insurance Services Ltd.), effective October 1, 2025. The deal expands Westland’s presence in Alberta and gives BIS clients access to Westland’s broader insurance offerings and digital tools while preserving local service and client relationships.

Acera Insurance Services Ltd. announced a partnership deal with Merit Insurance Services Ltd. of Edmonton, Alberta, which closed on Sept. 1, 2025. The arrangement expands Acera’s Edmonton footprint and enables Merit to expand its personal lines offering while adding commercial insurance and employee group benefits support under Acera’s employee‑owner model.

Westland Insurance Group Ltd. acquired Paul Ayotte Insurance Brokers Ltd. (PAIB), effective August 1, 2025, expanding Westland’s presence in Northern Ontario. PAIB, founded in 1975 with five offices across Northern Ontario, brings personal, commercial and leisure P&C insurance capabilities that strengthen Westland’s regional distribution and client service footprint.

Westland Insurance Group acquired Forefront Insurance Inc., a Brooks, Alberta-based insurance brokerage, effective July 1, 2025. The acquisition expands Westland's regional presence in Southern Alberta and adds local capabilities across personal, commercial, farm/ranch and specialty insurance lines.

Zurich Insurance Group has acquired Toronto-based insurtech BOXX Insurance Inc. and will integrate BOXX into Zurich Global Ventures to accelerate Zurich's cyber insurance and risk management offerings for retail and SME customers globally. BOXX will continue to operate under its brand and leverage Zurich's resources and global reach to scale its digital-first, service-led cyber protection solutions.

Boston-based private equity firm Abry Partners has made a strategic growth investment in Oracle Insurance Risk Management Services Inc. (Oracle RMS), a Concord, Ontario-headquartered insurance brokerage. Oracle RMS founders retain significant equity and will continue to lead the business while Abry’s capital will support branch and producer network expansion, capability scaling, and strategic M&A across Canada.

Axis Insurance Managers Inc. announced that J.T. Insurance Services (Canada), Inc. has joined the firm, expanding Axis’s commercial insurance capabilities. J.T. Insurance — founded in 1969 and owned by James and Sheri Clay, who will remain in leadership roles — brings specialty expertise in real estate, construction and high-net-worth clients to Axis’s Commercial Insurance practice group.

Hub International Limited has acquired Drayton Valley Insurance Agency, Ltd., an independent personal and commercial insurance brokerage headquartered in Drayton Valley, Alberta. Owner Dale Jones and the agency team will join Hub Prairies as part of Hub’s ongoing strategy to expand its geographic footprint and local insurance capabilities in Canada.

Westland Insurance Group has acquired Loewen Agencies Ltd., a long-standing insurance brokerage serving Radville, Ceylon and Minton in Saskatchewan, effective March 1, 2025. The acquisition expands Westland's presence into three new rural communities and gives Loewen clients access to Westland's broader product portfolio and resources.

Axis Insurance Managers Inc. has acquired Fuse Insurance, a Calgary-based technology-driven commercial insurance brokerage founded in 2017. The deal expands Axis's presence in Alberta and adds Fuse's digital brokerage capabilities to Axis's national risk management and commercial insurance platform; Fuse co-founder Kevin Lea will join Axis's commercial sales team.

Arthur J. Gallagher & Co. has acquired Waterloo, Ontario-based Encore Insurance Services Inc., dba Encore Group; terms were not disclosed. Encore Group — a retail insurance brokerage serving commercial clients in Ontario with industry focuses in manufacturing, construction and financial institutions — will remain led by Joe Dalton, Scott Heaman and their team, reporting into Gallagher's Canadian retail P/C brokerage head.

Novacap, a North American private equity firm, has announced a partnership investment in Consilium Insurance, a Montreal-based property & casualty insurance brokerage founded in 2013. The investment makes Consilium the seventh platform company in Novacap's Financial Services I fund and is intended to accelerate growth and expand Consilium's operations across Canada and North America.

Arthur J. Gallagher & Co. has acquired Dawson & Keenan Insurance Ltd., a retail insurance brokerage based in Sault Ste. Marie, Ontario. Terms were not disclosed; the Dawson & Keenan team will remain in place and will report into Gallagher’s Canadian retail property/casualty brokerage operations as Gallagher expands its presence in Northern Ontario.

SIB Corp (operating as StoneRidge Insurance Brokers) has partnered with Donbar Agency Limited o/a Crossroads Insurance, a two-location full-service brokerage in Winnipeg. The deal expands SIB's presence in Manitoba and brings Crossroads into SIB's national partnership platform while preserving the brokerage's local identity and service offering.

Hub International Limited has acquired Global Ag Risk Solutions Corp. and Global Ag Weather Solutions Corp. (doing business as Parametric Ag). The Moose Jaw, Saskatchewan–based firms provide whole-farm insurance, parametric solutions and weather modeling technology to agribusiness clients, strengthening Hub's agribusiness risk and insurance capabilities in Canada; terms were not disclosed.

Axis Insurance Managers Inc. has acquired Baker Insurance Ltd., a Calgary-based property & casualty brokerage known for managing complex corporate and private-asset risks. The deal expands Axis' presence in Alberta and enhances its risk management and specialty P&C capabilities through Baker's expertise in areas such as inland marine and surety bonds.

Axis Insurance Managers Inc. has acquired the O'Neill Group, a Vancouver-based employee group benefits, life insurance, and wealth advisory firm. O'Neill Group (est. 1985) will operate as a practice group within Axis; the small team of twelve staff will expand Axis's employee benefits and wealth advisory capabilities across Canada.

Hub International Limited has acquired Felton et Associes Assurances Inc., an insurance brokerage based in Brossard, Quebec. The acquisition (terms undisclosed) brings the Felton et Associes team, led by President Maxime Felton, into Hub Quebec and strengthens Hub’s commercial and personal insurance capabilities across specialty lines such as construction, real estate, and architecture & engineering.

Westland Insurance has acquired Alberta-based F.A. Smith Insurance Service Ltd., effective August 1, expanding Westland's presence in Alberta and its ability to serve clients in Fort Saskatchewan, Lamont, and Smoky Lake. F.A. Smith is a family-owned P&C brokerage serving home, auto, farm and business insurance needs; the deal supports Westland's strategic expansion across Canada.

Hub International Limited acquired 2837932 Ontario Inc. (owned by Bradley Beer), bringing Brad Beer and his commercial insurance team into Hub Ontario to strengthen the firm’s commercial and personal insurance capabilities in London, Ontario. Terms were not disclosed; the deal expands Hub’s local presence and specialty capabilities across automotive dealerships, real estate, construction and manufacturing end markets.

Westland Insurance Group acquired Alberta Best Insurance Ltd., effective July 2, 2024, expanding Westland's distribution footprint in Alberta. Alberta Best is a long-standing property and casualty brokerage with locations in Beaumont and Leduc, Alberta.

SIB Corp. has made an investment and formed a partnership with All-Risks Insurance Brokers Limited to expand SIB's partner network and offerings in Ontario. All-Risks — based in Windsor with 74 locations and approximately $325M GWP — will continue to be led by Paul and Kim Lemmon, who will remain shareholders, while joining SIB's network of affiliate brokerages.

Funds managed by Lee Equity Partners have made a growth investment in Axis Insurance Managers Inc., a Vancouver-based specialty insurance brokerage. Axis founder and CEO Alex Meier retained a majority stake; the capital will be used to accelerate growth and support national expansion across Canada.

SIB Corp, operating as StoneRidge Insurance Brokers, has acquired Astro Insurance, a full-service insurance brokerage and registry agent based in Lethbridge, Alberta. Astro Insurance will remain led by Mark and Cindy Swartout as StoneRidge expands its presence and capabilities in Alberta across personal and commercial insurance lines.

Westland Insurance Group acquired Canadian Special Risks Inc., a specialty commercial brokerage based in Athabasca, Alberta, effective June 1, 2024. The acquisition expands Westland's specialty commercial insurance capabilities in Alberta — particularly commercial welding programs — and supports the firm's broader growth across Western Canada.

Revau Advanced Underwriting Inc. has acquired FBA Solutions, a Canadian provider of legal protection, assistance programs and warranty plans. The deal is an add-on to Revau's Novacap-backed platform to expand its specialized insurance product and service offerings across Canada while retaining FBA's leadership team.

Axis Insurance Managers Inc. has acquired The Magnes Group Inc., integrating the 100+ employee brokerage into Axis's national platform. The deal expands Axis's presence and capabilities in Ontario and Quebec, bolstering its commercial, personal, and life & benefits practice areas.

Westland Insurance Group acquired the Dupuis Langen Group, a Richmond, British Columbia-based group benefits brokerage, effective May 1, 2024. The deal expands Westland's capabilities in the group benefits vertical and enables the firm to broaden employee benefits offerings to non-profits, unionized employers and private companies across Canada.

Hub International Limited has acquired Zavitz Insurance and Wealth, Inc., a London, Ontario-based provider of group employee benefits, living benefits, life insurance, and financial and retirement planning. Terms were not disclosed; Zavitz's leadership team, including President Terry Zavitz and Vice President Justine Zavitz, will join Hub Ontario and the business will operate as Zavitz Insurance and Wealth, a Hub International company.

TA Associates has made a significant growth investment in AGA Benefit Solutions, partnering with AGA's management team who will remain major shareholders. Novacap, which invested in AGA in 2020, has transitioned its ownership as part of the transaction; AGA will use the new capital to pursue organic growth, technology investment and further M&A to expand its national platform.

Hub International Limited has acquired Mitchell Sandham Inc. and its subsidiary Mitchell Sandham Group Benefits Inc., a long-standing independent insurance brokerage based in Oakville, Ontario. The acquisition expands Hub's commercial, personal insurance and employee benefits capabilities in the Greater Toronto Area and gives Mitchell Sandham access to Hub's broader resources and geographic reach across Canada and the U.S.

Arthur J. Gallagher & Co., through its reinsurance division Gallagher Re, has acquired Toronto-based MGB Re. The acquisition will expand Gallagher Re's medical reinsurance capabilities and bring MGB's leadership team into Gallagher Re's North America operations; terms were not disclosed.

Aviva plc, through its Aviva Canada business, has acquired Optiom O2 Holdings Inc (Optiom) from Novacap Financial Services I for approximately £100 million (c. CAD$170m). The deal strengthens Aviva Canada's specialty lines and distribution capabilities in the Canadian market and supports the group's capital‑light growth strategy.

SIB Corp., operating as StoneRidge Insurance Brokers and backed by private equity firm CIVC Partners, acquired Seymour Fair Insurance Brokers Inc., a full-service Ontario insurance brokerage. The deal is an add‑on to SIB’s Canadian consolidation strategy to expand its presence and commercial lines capabilities in Southern Ontario.

Hub International Limited acquired the assets of CGC Consultants Inc., a Montreal-based HR advisory firm specializing in compensation, pay equity, recruitment and total rewards. The acquisition expands Hub’s employee benefits and HR consulting capabilities in Quebec and brings Managing Partner Claudio Gardonio into Hub Quebec; financial terms were not disclosed.

Hub International Limited acquired the shares of 1510934 Alberta Ltd. d.b.a. The Musgrave Group, an employee benefits firm based in Canmore, Alberta. The Musgrave Group team, including President Dave Musgrave, will join Hub Prairies as part of Hub's effort to strengthen its employee benefits capabilities and expand its geographic footprint in Alberta; terms were not disclosed.

Hub International Limited has acquired JRP Financial Services, Inc., a Calgary-based independent employee benefits brokerage that specializes in employee benefits, pension planning and human resources. Terms were not disclosed; the JRP team (including named employees) will join Hub Prairies and JRP will operate as "JRP Financial Services, a Hub International company."

Westland Insurance announced a partnership with Prime Benefits Group Inc., a benefits and retirement solutions provider based in Ottawa, Ontario, to expand Westland's group benefits capabilities in Canada. The move strengthens Westland's employee benefits practice and broadens its service offering to corporate clients in Ontario.

Hub International Limited acquired the assets of D'Onofrio Insurance Inc., an independent commercial and personal insurance firm based in Laval, Quebec. The D'Onofrio team, led by owner Marco D'Onofrio, will join Hub Quebec as part of Hub's ongoing efforts to expand its geographic footprint and strengthen its commercial and personal insurance capabilities in the region; terms were not disclosed.

Hub International Limited has acquired GJJK Inc., a Mississauga-based insurance brokerage that specializes in the cannabis industry. The GJJK team led by owner Fady Kamel will join Hub Ontario to strengthen Hub’s cannabis specialty practice and expand its commercial and personal insurance capabilities in that vertical; terms were not disclosed.

Hub International Limited has acquired Golden Ears Insurance Services Ltd., a Surrey, British Columbia-based general insurance broker specializing in commercial transportation, property and automobile fleet. The acquisition strengthens Hub's specialty capabilities in commercial transportation and expands its presence in British Columbia. Terms were not disclosed.

Westland Insurance Group Ltd. acquired Andrew Agencies Ltd., a long-established Prairie-based full-service insurance and financial services firm with 22 locations across Manitoba, Saskatchewan and Alberta. The deal expands Westland's presence in Central Canada and adds Andrew Agencies' capabilities in property & casualty, life insurance and financial services to Westland's national platform.

Navacord Corp. announced a partnership with Medi-Quote Insurance Brokers, effective July 4, 2023, bringing Medi-Quote's travel, medical, health and dental insurance expertise into Navacord's national brokerage network. The deal expands Navacord's presence in Manitoba and strengthens its capabilities in the niche travel insurance market, including services for snowbird customers.