Synex Business Performance continues its expansion in Ontario with the acquisition of a commercial insurance brokerage, Armour Insurance Brokers Ltd, based in the Greater Toronto Area.
The acquisition of a majority stake in Armour was announced by Synex on May 7 in a press release. Synex says the transaction allows it to enhance its commercial insurance offering. The complementary expertise brought by Armour will “better support businesses operating in increasingly complex environments.”
Specializing particularly in transportation insurance, the brokerage was founded in 2010. According to its CEO, Sumeet Sharma, “this partnership allows us not only to strengthen our position in a specialized market, but also to leverage a national platform to support our growth and diversify our presence across Canada, while maintaining our autonomy and entrepreneurial approach at the local level.”
In an interview with Insurance Portal, Yan Charbonneau, president of Synex, explained his group’s interest in the Mississauga-based brokerage. “We didn’t need an intermediary in this case. I’ve known Sumeet (Sharma) for a long time,” he says.
Sharma joined Armour in June 2024 after serving for nearly a decade as vice-president of Imperial PFS Canada, a major player in premium financing. Yan Charbonneau says he proposed the alliance to his Ontario counterpart.
Brokerage independence
As is usually the case for brokerages joining Synex, operations will continue unchanged within the management team. The approximately 100 employees will remain in their positions, and the CEO has committed to staying on for at least the next five years, Charbonneau confirms. “By joining us, they will have access to greater insurer capacity and complementary expertise,” he adds, citing construction insurance as an example.
For its part, Synex is increasing its capabilities in the trucking sector, an area where the group’s brokerages have limited presence in Quebec and elsewhere in Canada. Given the importance of freight transportation between the two provinces, the partnership with Armour is significant, according to the president of Synex.
On May 12, Ontario’s Auditor General released a devastating report on shortcomings in truck driver training and certification in the province. Is cargo transportation insurance becoming a riskier business? “We’ve been analyzing the portfolio for more than six months,” says Yan Charbonneau. “I’m not worried,” he notes, adding that insurers covering businesses are fully aware of the issues related to the use of incorporated drivers (Driver Inc.).
Without specifying Armour’s premium volume, he estimates that at least 90 per cent comes from commercial insurance. According to him, approximately 75 per cent of the brokerage’s volume is tied to trucking. There is still some personal-lines business related to that segment, as the brokerage helps insure the personal assets of people working in the industry. “Trucking really is their area of expertise,” Yan Charbonneau points out.
In Ontario
The brokerage network is relatively consolidated in Ontario, as it is in Quebec. Large national firms such as BrokerLink and Navacord have been very active in recent years. “But we hope to increase our presence in Ontario. It’s a very important market and we are less present there compared with our overall volume,” Charbonneau says.
Synex will continue prospecting the market, particularly by seeking lines of business where the group is not already active. “A lot of our development in Canada will go through Ontario,” he adds.
The Synex group first entered Ontario in spring 2022 through Palladium Insurance, a brokerage created through the merger of several firms active in the Ottawa region. “The brokerage has expanded in recent years, things are going very well for them, we’re pleased,” says Yan Charbonneau.
Then, in April 2025, Synex announced a partnership with FSB Group, made up of two brokerages based in the Toronto region that separately handle personal insurance and commercial insurance. There as well, business is proceeding as planned, according to the president of Synex.
Elsewhere
When the announcement regarding Armour was made, Yan Charbonneau was in Europe. “Yes, I went to see our partners at FMA Group, but we are continuing to look at the market for new opportunities,” he confirms.
More recently, Synex sold the portfolio of its Synex Auto et Habitation subsidiary to Ellipse Assurances, led by Patrice Jean. “Everything is going well. We had chosen our buyer. I’ve known Patrice for a long time, he’s a great guy. I’ve only heard positive feedback and there have been no customer complaints,” he says.
