Surrey, BC/Territories of the Coast Salish (Kwantlen, Katzie, Semiahmoo, Tsawwassen first nation), Dec. 13, 2022 (GLOBE NEWSWIRE) -- Westland Insurance Group, one of Canada’s largest and fastest growing insurance brokers, today announced an expanded partnership with Blackstone Credit, following its initial investment in January 2021 and further investment in January 2022. Blackstone Credit, one of the world’s largest credit-focused asset managers, has led an additional $200 million commitment to support Westland’s growth strategy, bringing its aggregate investment to $1.4 billion to date. The financing announced today includes an undrawn debt facility to enable strategic acquisitions.
Founded in 1980 in British Columbia, Westland Insurance now has over 200 locations and 2,300 employees across Canada and offers a full suite of P&C insurance products. In 2022, Westland completed over 26 acquisitions across Canada, including adding two new verticals to its Corporate Advisory & Specialty practice: employee group benefits with The Winch Group and entertainment insurance with Front Row Insurance Brokers.
“We’re thrilled to continue our partnership with Blackstone Credit,” said Jamie Lyons, President & Chief Operating Officer of Westland Insurance. “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.”
Michael Carruthers, a Senior Managing Director at Blackstone Credit, said: “Jamie and the Westland team have had terrific momentum over the past few years, building on the company’s roots as a trusted regional player to become a leading national broker, while maintaining focus on each community they serve. We are pleased to further scale our partnership, bringing the resources of our global platform to bear as Westland expands upon its product offering to better serve new and existing customers.”
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About Westland Insurance Group
Westland Insurance Group is one of the largest and fastest-growing independent insurance brokers in Canada. Trading over $2.5 billion of premium, Westland continues to expand coast to coast. Westland's brokers provide expertise and advisory-based services across commercial, personal, employee benefits, farm, and specialty insurance segments. Since its founding in 1980, Westland has remained a family-owned company that is committed to supporting its clients, industry partners and 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 $234 billion in AUM. We seek to generate attractive risk-adjusted returns for our clients by investing across the entire corporate credit market, from public debt to private loans. Our capital supports a wide range of companies across sectors and geographies, enabling businesses to expand, invest, and navigate changing market environments.
