Synex Business Performance has entered Ontario through a partnership with Palladium Insurance.
Founded in Ottawa in 1953, Palladium has broadened its footprint across Ontario and Canada by acquiring other brokerage firms over the years. It provides personal and commercial lines insurance, along with financial services and group benefits.
Synex says it is reaching its ambitions by surrounding itself with firms that have teams with great expertise. “We are very proud to be able to see our future with Palladium. They have built a strong reputation in Ontario based on their know-how and impeccable service,” says Yan Charbonneau, President and Chief Vision Officer of Synex.
“In an ever-changing marketplace, we were seeking a capitalized partner for strategic acquisitions and to continue our unique growth initiatives, while maintaining our continued independence within the broker distribution channel which is now dominated by insurance company owned consolidators,” says Sylvie Forget-Swim, partner and CEO of Palladium Insurance.
“We are positioned and ready to develop and acquire brokers in Ontario that mirror our professionalism and growth aspirations,” says Tim Snelling, partner & VP Business Development, at Palladium. “With Synex as our partner we are excited to see our plans take fruition,” adds Snelling.
Westward expansion
In addition to the head office in Ottawa, Palladium operates four other offices located near the Ottawa River. The firm’s premium volume is close to $40 million, Sylvie Forget-Swim told Insurance Portal.
Yan Charbonneau, interviewed together with Forget-Swim, said that Synex’s strategy in Ontario is similar to the one it adopted when it acquired GoToInsure in March 2021. “By partnering with a very strong brand in Ontario, we’re using the same strategy as with GTI to establish ourselves in the Maritimes.”
Sylvie Forget-Swim points out that three of her partners at Palladium, including a minority partner, wanted to retire from the business. In tandem with Tim Snelling, she had been seeking the right partners to maintain the independent status of her brokerage firm. For the past two years,
“we talked to everyone. Synex was the last suggestion we got. The referral came from a broker Tim knows well. Yan came to meet with us, and we got along very well with him. He shares our growth strategy,” she says.
The firm manages an offering of dental and medical insurance programs tailored to professionals, particularly in the microbrewery and funeral home sectors, Forget-Swim adds.
“We will have the opportunity to expand these programs across Canada, and the Synex transaction gives us the means to do so,” she says. “We share the same values: service excellence, added value for customers and respect for employees,” Forget Swim continues.
Four transactions in March
This is the fourth transaction Synex has announced since the beginning of March. Two weeks ago, Yan Charbonneau told Insurance Portal that Synex would make numerous announcements by April 30.
Most recently, Synex announced the acquisition of Alliance Employee Benefits, a firm specializing in group insurance and retirement plans.
In mid-March, Synex announced its purchase of André Fradet Assurances, a firm based in the Quebec City area. Earlier this month, the group announced that its subsidiary GoToInsure was acquiring Hope Grant. On March 1, Synex announced that the American fund BBH Capital Partners was investing $100 million to fuel the company’s growth.
Appointment
In addition, on March 16, Yan Charbonneau announced that Synex was revising its corporate structure, and appointed his partner Jean-Sébastien Larivière as President of Synex Insurance. Larivière will be responsible for all decisions related to operations in this division and of the firms therein. He is also retaining his position of Principal Vice President and Chief Operating Officer of Synex Business Performance.
