A few days after confirming the arrival of new investors, Synex Business Performance announced a new partnership with FSB GROUP LTD, based in Concord, in the Greater Toronto Area.

The company is made up of two practices, FSB INSURANCE LTD., which distributes insurance products to individuals, including high-net-worth insurance solutions, and FSB COMMERCIAL LTD., which offers coverage to entrepreneurs.

Founded in 1985, FSB GROUP is one of the leading independent brokers in the Toronto area, says Synex in its April 9 media release. The firm has some 115 employees and brokers and a premium volume of more than $125 million.

“This partnership with FSB is fully aligned with our vision: building a strong and independent national group that empowers local brokerages to thrive,” stated Yan Charbonneau, Chairman and Chief Vision Officer of Synex.

He says that FSB's reputation and customer-focused approach “are key strengths as we continue our development across Canada.” 

FSB founder will stay on for five years  

In an interview with the Insurance Portal, Yan Charbonneau confirmed that Paul Brown, the founder of FSB Group, plans to stay on for another five years. "He wants to continue, and that's what interested him about our approach. Nothing changes in the day-to-day operations of the firm; the name is retained, with our expertise added. And, his brokers have access to additional markets." 

The firm's premium volume is split equally between personal and commercial lines, Charbonneau points out, and the customer base is also based in the Greater Toronto Area.

The intermediary between FSB Group and Synex was investment bank Dowling Hales, a New York-based consulting firm specializing in insurance transactions.

Once the contact was established, the atmosphere between the parties was very positive from the very first meeting, says Charbonneau. “It was a good fit right away.”

Synex was looking to establish itself in the Toronto area. “There's never an easy transaction, but both parties here agreed on their common objectives,” Charbonneau says.

With this partnership, Synex strengthens its presence in Ontario. Since the first quarter of 2022, the group already counted Palladium Insurance among its partners in the province.

In February 2025, Synex made a smaller acquisition in the Montreal region.