Westland snaps up Mycor Insurance Solutions, Murphy Insurance Services

• Westland Insurance is a Surrey, British Columbia-based insurance brokerage
• The company said it plans to continue investing in and growing its business, both organically and through strategic acquisitions
• Earlier this year, Westland agreed to enter into an investment partnership with Ontario Teachers’ Pension Plan

Westland Insurance has acquired Mycor Insurance Solutions and Murphy Insurance Services, both Canadian property and casualty (P&C) insurance brokerages, effective June 1. No financial details of the transaction were disclosed.

Mycor Insurance is a Toronto-based, full-service P&C brokerage. Murphy is a boutique full-service P&C insurance brokerage that specializes in advisory-based services. It serves the Simcoe and Muskoka areas of Ontario.

Westland is a Surrey, British Columbia-based insurance brokerage focused on the Canadian market. It said it plans to continue investing in and growing its business, both organically and through strategic acquisitions.

“Both brokerages have tremendous leadership, entrepreneurial cultures, and offer unique value to their clients,” said Jamie Lyons, president and CEO of Westland Insurance, in a statement. “The opportunity to better serve Canadians through dedicated, client-first brokerages like these is what drives us to continue expanding from coast to coast.”

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.