A mid-August transaction marked the comeback of the former owner of a wholesaler.
Troy Moreira announced that he has acquired PLUS Underwriting Managers, a Vancouver-based wholesaler. Moreira is the former owner of Premier Canada. After selling that wholesaler to The Co-operators he stayed on as senior manager for a few years.
Moreira completed this transaction through a holding company he controls called Mar Nova Holdings. This company holds 100 per cent of the shares of PLUS Underwriting Managers.
Moreira says the acquisition will serve as a foundation on which to grow a multi-line specialist underwriting agency to serve brokerages across Canada. He wants to expand the wholesaler's product offering and its team of experts, he adds.
“My past broker distribution partners and insurer partners around the world had expressed to me that, due to all the recent industry consolidation, there is now a large need in the market for a truly independent and entrepreneur operated MUA. So, here I am back at the helm and already assembling a new team. My team and I have big plans for PLUS that will benefit broker distribution in Canada and our underwriting partners. We are very excited for the future,” Moreira says.
PLUS Underwriting Managers deals with 200 brokerage firms. The wholesaler is licensed across Canada, excluding Québec.
