Empire Life announced Nov. 8 that it is investing in The Gryphin Advantage Inc. (Gryphin), a Managing General Agency based in Southwestern Ontario, as a minority shareholder.
"As consolidation continues to occur across our industry, companies are looking to maintain their leadership positions," says Mark Sylvia, president and CEO, Empire Life. "We believe the best way to ensure advisors and consumers have choice is to have strong independent MGAs in the marketplace. Gryphin has a strong management team with a proven track record of revenue growth. As smart investment managers, we see this as an attractive investment opportunity."
"Empire Life is a sound business partner and has a reputation for financial strength and a long-term focus,” says Rod Millard, president and CEO, of Gryphin. “With a solid investor like Empire Life behind us, we are excited about Gryphin's future growth while maintaining full independence."
Sylvia says the two companies share the same belief in and commitment to independent distribution. "We have always supported our independent distribution partners and will continue to make investments to support existing independent MGA organizations who are interested in growing their business."
