Property and casualty managing general agency (MGA) GroupAssur announced April 20 that is has merged with MGA and wholesaler, Evolution Insurance.
Itself owned by private equity firm Novacap Management Inc. following its acquisition by Novacap back in September 2020, GroupAssur in a statement says each company will initially continue to operate under their existing brand names, with plans for full integration in 2022.
Although the firm considers the transaction to be a “merger of equals,” GroupAssur will remain as the surviving entity with shareholders of both organizations becoming shareholders of GroupAssur. Moving forward, they say future acquisitions will be made by the merged entity, GroupAssur.
GroupAssur is an MGA servicing specialized insurance needs of brokers and customers. It provides underwriting services for complex insurance policies on behalf of Canadian and international carriers and the Lloyd’s of London insurance syndicates. Evolution is and MGA and wholesaler specializing in complex risks. Together, the firms are expected to be able to offer a broader lineup of products, in additional markets, with increased distribution. The firm says the owners of Evolution will continue as shareholders of GroupAssur.
“With this transaction we continue to grow a strong national platform that can meet the needs of brokers and their clients across a broad spectrum of products and geography,” says Marcel Larochelle, managing partner, financial services, with Novacap. “Evolution has emerged as a strong player in the P&C marketplace, which will complement well with GroupAssur’s product offerings and target markets.”
