SUM and Morin Elliott Associés, a firm specializing in nonstandard commercial insurance that the MGA acquired in 2015, are now American-owned. The duo were bought out by One80 Intermediaries, which announced the deal on August 11.
As a leading U.S. insurance wholesaler and program manager, One80 offers placement and program development services, and binding authority for property & casualty, financial lines, personal lines, and medical stop loss risks to commercial companies, non-profits, public entities and individuals.
“One80 has rapidly expanded throughout the United States and we look forward to establishing an international footprint with Strategic Underwriting Managers,” Matthew F. Power president of One80 Intermediaries, stated when he announced the acquisition.
Canadian debut
Up until now, the broker, headquartered in Boston, was operating entirely in the US, in about 20 cities including New York, Chicago and Seattle.
One80 targeted Canada for its first international expansion because Canada “represents one of the most attractive and growing economies in the world. Canada is a centre for innovation, insurtech, energy and financial services, and SUM is a proven market leader in that market for specialty insurance solutions,” the American firm told the Insurance Portal.
Innovations on the horizon
From its offices in Toronto, Montréal and Lachine, SUM works with insurers and reinsurers by offering brokers property and liability insurance, as well as specialized insurance products.
“In joining One80, we look forward to developing additional capacity, and introducing new products and innovations into Canada,” SUM president Jeff Somerville stated.
Somerville stays at the helm
Somerville “will become an important member of the One80 Senior Leadership team, reporting to Matthew Power,” One80 told the Insurance Portal, adding that “Jeff will continue to lead our business in Canada as we work together to introduce new products and services to the Canadian marketplace.”
Now that the transaction is officially closed, Somerville told the Insurance Portal that SUM will be operating as a division of One80 and that “Morin Elliott has joined One80 and continues with its specialized offering.”
One80 is on the same page: “The SUM and Morin Elliott teams will continue to function as they always have, serving their brokers and agents throughout Canada.”
The firm Dowling Hales served as an advisor during this transaction, the terms of which were not disclosed.
