- In business for more than 60 years, First Durham offer personal, personal auto, farm and commercial insurance products
- Westland Insurance earlier this year agreed to enter into an investment partnership with Ontario Teachers’ Pension Plan
- The deal will result in the exit of Blackstone Credit
Westland Insurance Group has completed the acquisition of First Durham Insurance & Financial, a Pickering, Ontario-based full-service independent brokerage, effective May 1.
No financial details of the transaction were disclosed.
In business for more than 60 years, First Durham offer personal, personal auto, farm and commercial insurance products.
“We’re thrilled to welcome First Durham Insurance & Financial, a highly respected P&C brokerage in Canada,” says Jamie Lyons, president and CEO of Westland Insurance, in a statement. “First Durham’s longstanding reputation in Ontario is a testament to their commitment to exceptional service. We look forward to welcoming its talented team into the Westland family, and to leveraging their expertise to better serve our clients across the country.”
Westland Insurance is a Surrey, British Columbia-based insurance brokerage. The company said it plans to continue investing in and growing its business in Canada, both organically and through strategic acquisitions.
Earlier this year, Westland agreed to enter into an investment partnership with Ontario Teachers’ Pension Plan. Ontario Teachers’ is making the investment through BroadStreet Partners.
The deal, expected to close in the second quarter of 2023, will result in the exit of Blackstone Credit, which has provided $1.4 billion to Westland to support its acquisitions.