Synex Business Performance has acquired GoTo Benefits, a group insurance firm located in the Atlantic Provinces.
The transaction brings Synex an additional $4 million in premium volume, and boosts its total group insurance volume to about $50 million, Charbonneau told Insurance Portal.
Synex completed the transaction jointly with Jeff Legrow, President and CEO of Cal Legrow Insurance & Financial Group, just as it did when it acquired the property and casualty insurance distributor GoToInsure (GTI) in March 2021.
Based in St. John's, Newfoundland, Cal Legrow Insurance & Financial Group is a P&C insurance firm that also provides financial services. In the media release issued on Sept. 17, 2021, Synex's CEO said he believes in “local entrepreneurship and in the strength of a Canada-wide group for the benefit of each of our clients.”
Foothold in group
The acquisition of the group insurance firm linked to GoTo Insure is powering Synex’s breakthrough in group insurance. "GoTo Benefits is an important integration for the Synex Group. It is the first financial services acquisition in the Atlantic Provinces. It goes hand in hand with the acquisition of GTI completed more recently this year in collaboration with Jeff Legrow,” says Charbonneau, who is also CEO of the MGA AFL Group.
Group business volume: $50 M and counting
This is Synex's third acquisition of a group insurance firm, following the buyout of Quebec-City based Innov-Médic in June 2021. At the time, Yan Charbonneau reiterated his goal of quickly reaching a premium volume of $200 million in group insurance. “Our goal is to become an independent leader in property and casualty insurance, group insurance and financial services in Canada through organic growth and acquisitions,” he said in his press release.
Other acquisitions in the region
Yan Charbonneau, Synex’s CEO, told Insurance Portal that GoTo Benefits (GTB) is a group brokerage that operates shares the GoTo Insure premises. "Five people work for GTB," he says. He explains that he acquired GTI and GTB in two stages because they were two different firms with two different realities and “timing.”
The expansion is not over yet: “Growth in the Maritimes is very important to us and we plan to make further acquisitions in this region to strengthen it.”
