Westland Insurance Group, a Surrey, British Columbia-based property and casualty insurance broker, has secured additional debt financing from Blackstone Credit. Building on an initial investment made last year, Blackstone has committed more than C$1.2 billion to support the company’s continued growth, including through acquisitions.
SURREY, British Columbia, Jan. 12, 2022 (GLOBE NEWSWIRE) — Westland Insurance Group Ltd. (“Westland”), one of the largest and fastest-growing independent property and casualty insurance brokers in Canada and a family-owned company, today announced it has expanded its partnership with Blackstone Credit (“Blackstone”). Building on its initial investment in January 2021, Blackstone has committed over $1.2 billion to support Westland’s continued growth, including a facility dedicated to funding the company’s acquisition strategy.
Westland was established in 1980 by founder Jeff Wubs as a single-office brokerage in Ladner, British Columbia to meet the insurance needs of individuals and businesses. It has grown into one of Canada’s largest independently owned insurance distributors and today offers a full suite of P&C insurance products from more than 190 locations across the country. Following its initial investment from Blackstone, one of the world’s largest credit-focused asset managers, Westland has deepened its foothold into commercial P&C with the recent acquisitions of Ontario-based brokerages Tredd Insurance Brokers Ltd. and Bunnell Hitchon Insurance Brokers Inc. Westland has also expanded its presence coast-to-coast with large-scale acquisitions such as Reider Insurance and MBS Insurance Brokers in 2021.
“Our partnership with Blackstone Credit, which brings global scale and resources, as well as deep expertise in the insurance sector, has provided us with a competitive edge and allowed us to significantly accelerate our growth strategy, while remaining a family-owned, independent business,” said Jason Wubs, CEO of Westland Insurance. “We’re thrilled to deepen our relationship with the Blackstone team, which will support our goal of becoming Canada’s leading independent insurance brokerage, while meaningfully investing in our employees, communities and enhanced client experience.”
“The Westland team has built an exceptional insurance business, which has evolved from a regional player to a leading national broker, while remaining deeply committed to each local community it serves,” said Michael Carruthers, a Senior Managing Director at Blackstone Credit, based in Toronto. “We’re excited to expand our partnership and support key future growth, including acquisitions, which will bolster Westland’s distribution offerings across home, commercial, auto and other specialized insurance products.”
Westland Insurance Group is one of the largest and fastest-growing independent property and casualty insurance brokers in Canada. With over 2,200 employees and trading $2.5 billion of premium, Westland continues to expand coast to coast. Westland’s brokers provide expert advice to business, personal, farm, life and group insurance clients. Since its founding in 1980, Westland has remained a family-owned company that is committed to supporting its local communities. For more information, please visit westlandinsurance.ca .
About Blackstone Credit
Blackstone Credit is one of the world’s largest credit-focused asset managers, with $188 billion in AUM. They seek to generate attractive risk-adjusted returns for their clients by investing across the entire corporate credit market, from public debt to private loans. Their capital supports a wide range of companies across sectors and geographies, enabling businesses to expand, invest and navigate changing market environments. Blackstone Credit is a division of Blackstone. For more information, please visit blackstone.com.