Storm Insurance Group has purchased Montreal, Quebec based Axxium Assurance for an undisclosed amount.
Sébastien Vaval, who is a former board member of the Insurance Brokers Association of Quebec, formed Axxium in 2009.
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The acquired firm will now be led by Storm Insurance’s eastern region vice-president Timothy Branson along with Vaval.
Storm Insurance in its press statement stated that the duo will now concentrate on achieving targeted organic growth, new distribution channels, and further acquisitions.
Storm Insurance Group president Jaime Reed said: “Axxium is Storm’s first acquisition in Quebec; a strategic achievement towards our Vision 2020 strategy.
“This opportunity now makes us one of Canada’s few National Independent Insurance Brokers with full operations in all four regions; Atlantic, Quebec, Ontario and West.”
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By GlobalDataVaval added: “We are proud to join the Storm Insurance Group after ten years of existence. This will allow Axxium Assurance to explore new opportunities while continuing its growth strategy.
“We will now have more tools, greater capabilities, and a broader range of services to offer our customers. With Storm, our personnel and, most importantly our loyal customers, we’re on the perfect track to implement our long term strategies.”
This is Storm’s third acquisition this year. It previously acquired Wardell Insurance in January and Sheppard Insurance Service in May.
The latest acquisition takes the group’s overall employee count to 95.
