Blackstone Credit ups debt funding for Westland to $1.4bn

• The financing includes an undrawn debt facility to enable strategic acquisitions
• Founded in 1980, Westland now has over 200 locations and 2,300 employees across Canada
• This year, it completed more than 26 acquisitions across Canada

Westland Insurance Group, a Surrey, British Columbia-based property and casualty insurance broker, has secured additional debt financing from Blackstone Credit.

Following its initial investment in January 2021 and further investment in January 2022. Blackstone Credit has led an additional $200 million commitment, bringing its aggregate investment to $1.4 billion to date.

The financing includes an undrawn debt facility to enable strategic acquisitions.

Founded in 1980, Westland now has over 200 locations and 2,300 employees across Canada and offers a full suite of property and casualty insurance products. This year, it completed more than 26 acquisitions across Canada, including adding two new verticals to its corporate advisory and specialty practice.

“We’re thrilled to continue our partnership with Blackstone Credit,” said Jamie Lyons, president and COO of Westland, in a statement. “The global scale and resources that this partnership brings further strengthens our ability to diversify our platform by vertical, service offering, and geography. As we strive to be Canada’s favourite insurance broker, Blackstone’s support means we can continue to invest in innovative products for clients, opportunities for employees, and giving back to our local communities, all while remaining a proudly Canadian-owned company.”

Blackstone Credit is one of the world’s largest credit-focused asset managers, with $234 billion in assets managed.