GroupAssur expands its offering with the acquisition of Eagle Underwriting

GroupAssur expands its presence in North America by acquiring Ontario-Based Eagle Underwriting

MONTREAL, October 26, 2021 / CNW Telbec / – GroupAssur, a Canadian managing general agent (“MGA”) specializing in property and casualty insurance (“P&C”), today announced the acquisition of Eagle Underwriting (“Eagle”), an independent managing agent who has been underwriting insurance for ‘Things That Move’, providing top quality products, underwriting expertise and first class claims service to brokers and their clients in Canada and United States. Novacap, one of the from Canada leading private equity firms that have held a majority stake in GroupAssur since 2020, is pleased to see GroupAssur act on its goals of improving its offering and expanding its presence beyond Canadian borders.

Logo: Groupassur (CNW Group / Gestion Novacap inc.)

Founded in 1996, Eagle Underwriting is an expert in the field of transportation, trade and movable property. With this portfolio acquisition, GroupAssur will add new product lines to its offering and acquire the expertise necessary to insure clients operating in the highly complex marine, freight and aviation sectors. This will also support GroupAssur’s international growth objectives, as Eagle already has policies relating to freight transport in United States.

Eagle’s underwriting will continue to operate under its existing structure and brand name. Current management and shareholders will remain on board, under the leadership of Bernie Cisseck, President of Eagle Underwriting.

“Eagle is honored to join GroupAssur, expanding its line of specialty insurance products,” said Bernie Cissek, President of Eagle Underwriting. “Their excellent reputation for competitive underwriting initiatives, complemented by our unique service offering and in-depth industry knowledge, will provide GroupAssur with the tools it needs to grow its business with new audiences and new geographies. “

“Today’s announcement marks an important milestone for GroupAssur,” said Jean-Francois Raymond, Chairman of GroupAssur. “Our goal has been to build the best MGA platform in Canada. With the integration of Eagle’s expertise, we will go beyond the goals we have set for ourselves, opening a door to the US market and moving forward into our next phase of growth. “

About GroupAssur

Founded in 1993 by a group of brokers united to provide services to large corporations, GroupAssur is an MGA serving the specialized insurance needs of brokers and clients across Canada. The company provides complex insurance policy underwriting services on behalf of Canadian insurance companies, international insurance companies and Lloyd’s of London insurance unions. GroupAssur is headquartered in Montreal, QC, with additional offices in Quebec city, Terrebonne and Brossard, QC, and Markham, Ontario. For more information, please visit www.groupassur.com

About Eagle Underwriting

Eagle Underwriting is an independent managing agent, founded in 1996 by the current president, Bernie Cissek, and has offices in Brampton, Ontario and Vancouver, British Columbia. Eagle has purchased insurance for “Things That Move”, providing premium products, underwriting expertise and first-class claims service to brokers and their clients. For more information, please visit www.eagleunderwriting.com

About Novacap

Founded in 1981, Novacap is a leading North American private equity firm with more than CA $ 8 billion AUM, which has invested in more than 100 platform companies and made more than 150 complementary acquisitions. By applying its industry approach since 2007 in TMTs, industries, digital infrastructure and now financial services, Novacap’s deep expertise in the field can accelerate business growth and create long-term value. With experienced and dedicated investment and operations teams as well as substantial funding, Novacap has the resources and knowledge to build world-class businesses. Novacap has offices at Brossard, Quebec and Toronto, Ontario. For more information, please visit www.novacap.ca.

SOURCE Gestion Novacap inc.

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