US-based One80 Intermediaries has acquired Strategic Underwriting Managers (SUM), a Canada-based property, casualty and specialty insurance managing general agent (MGA).
The financial terms of the deal were not disclosed.
SUM, which has offices in Toronto, Montreal, and Lachine QC, works with insurers and reinsurers to design, underwrite and deliver market leading insurance products to brokers across Canada.
One80 Intermediaries president Matthew Power said: “One80 has rapidly expanded throughout the United States and we look forward to establishing an international footprint with Strategic Underwriting Managers.
“SUM and One80 uphold a similar entrepreneurial culture and strategic long-term vision. With that we are confident that together, we will further support our brokers on both sides of the border.”
SUM is said to have wide in-house binding authority on behalf of the global insurance carriers. It enables the company to offer coverage to challenging insurance risks in real time.
Furthermore, it is licensed across all provinces and territories in Canada and does not need broker contracts or volume commitments.
Strategic Underwriting Managers president Jeff Somerville said: “We have full authority on each of the programs we underwrite and are proud of the long relationships with each company with whom we trade. In joining One80 we look forward to developing additional capacity, and introducing new products and innovations into Canada.”
Earlier in April, One80 acquired wholesale insurance brokerage and programme manager International Excess Program Managers (IEPM).
Last month, the company rolled out a new insurance policy offering coverage for pandemic and epidemic risks.