BRP Group’s indirect arm, MSI, has expanded its offerings to the Canadian market with multi-family-focused insurance solutions.
This marks MSI’s first venture outside of the US, bringing both its renters and tenant legal liability products to a new customer base.
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Founded in 2015, MSI claims to have insured more than one million residential rental units across the US with its diverse range of insurance products.
MSI, which joined BRP in 2019, leverages a technology platform to facilitate the provision of rental insurance solutions.
The company’s strategy involves collaborating with insurance carriers to design products that are distributed through a network of agents, brokers and technology partners.
To establish a foothold in Canada, MSI is partnering with Summit Commercial Solutions (Summit), a Canadian commercial property and casualty insurance brokerage.
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By GlobalDataMSI noted that Summit’s reach, serving more than 90% of Canada’s English-speaking population, provides it with a platform to introduce its products to the Canadian residential rental market.
MSI president of Multifamily Group Adam Falkauff said: “This is a significant milestone for MSI as we expand our operations internationally. With deep expertise in the residential rental market and a proven model in the US, MSI is well positioned to meet the needs of the growing renters insurance market in Canada and provide useful solutions for consumers and property managers in this marketplace.
“Summit’s and MSI’s collaboration is the right approach to quickly provide and scale a solution to meet this consumer need in Canada.”
Summit co-founder and managing partner Josh Pillsbury said: “We are excited for this opportunity with MSI. The demand for more comprehensive, technology-focused renters insurance solutions has become increasingly necessary in the Canadian residential rental market. We look forward to being at the forefront of this venture.”
Recently, BRP agreed to divest its wholesale E&S (excess and surplus) insurance brokerage, Connected Risk Solutions, to Amwins.
In March 2022, BRP announced the acquisition of Westwood Insurance Agency, a California-based company known for its builder-sourced homeowners insurance, for an undisclosed sum.
