Clairvest buys minority stake in newly formed Acera Insurance

Canadian insurers CapriCMW and Rogers Insurance have merged to form Acera Insurance.

  • Clairvest will help support Acera Insurance’s strategy for long-term sustainable growth
  • Acera and Clairvest will look to identify Canadian insurance brokerages to scale with an alternative to the acquisition model
  • The newly formed company has 1,000 employees across Canada and C$1 billion in gross written premium

CapriCMW and Rogers Insurance have merged to form Acera Insurance. As part of the deal Clairvest Group has joined as a minority investor. The investment from Clairvest will support Acera’s strategy for long-term sustainable growth with both Acera and Clairvest looking to identify Canadian insurance brokerages to scale with an alternative to the acquisition model.

The merger creates a company with 1,000 employees across Canada and C$1 billion in gross written premium.

“We will continue focusing on our growth across Canada, leveraging the stability and strength of the deep expertise, insights and experience of both companies,” said Andrew Kemp, chairman and president of Acera Insurance. “We are excited for this next chapter as we unite as one company, expanding our capabilities to deliver new products, services and solutions.”

Both Burnaby, British Columbia-based CapriCMW and Calgary-based Rogers Insurance prior to the merger operated an employee share ownership model and that will remain a central part of ongoing plans for Acera which has over 350 employee shareholders.

Employee ownership is a growing trend we’ve seen across private equity this year. In April, KKR and more than 60 partners launched a nonprofit called Ownership Works, with a mission to increase prosperity by sharing ownership with all workers. The participating PE firms have pledged to institute employee ownership at a minimum of three portfolio companies by the end of 2023. Read more on the topic from PE Hub editor-in-chief Mary Kathleen Flynn, here, for PE HUB.

Clairvest is a Toronto-based mid-market private equity firm that was founded in 1987 and has assets under management of C$3.2 billion.

Update: Clairvest announced separately that its minority investment in Acera totaled C$100 million.