Westland Insurance Group (Westland), an independent property and casualty insurance broker in Canada, has received an additional $200m (C$250m) commitment from Blackstone Credit.
Building on the initial investment in January 2021, Blackstone’s funding commitment to Westland Insurance has reached around $960m (C$1.2bn).
Founded in 1980 by Jeff Wubs, the family-owned insurance broker is based in British Columbia, Canada and caters to individuals and businesses.
The independently owned insurance distributor offers a complete suite of P&C insurance products from over 190 locations in Canada.
Westland stated that the initial investment from Blackstone, a credit-focused asset manager, was used to strengthen its presence in the commercial P&C space with the acquisition of Tredd Insurance Brokers and Bunnell Hitchon Insurance Brokers.
Expanding its coast-to-coast presence, the firm also acquired Reider Insurance and MBS Insurance Brokers in 2021.
Westland Insurance CEO Jason Wubs said: “Our partnership with Blackstone Credit, which brings global scale and resources, as well as deep expertise in the insurance sector, has provided us with a competitive edge and allowed us to significantly accelerate our growth strategy while remaining a family-owned, independent business.
“We are thrilled to deepen our relationship with the Blackstone team, which will support our goal of becoming Canada’s leading independent insurance brokerage, while meaningfully investing in our employees, communities and enhanced client experience.”
Blackstone Credit senior managing director Michael Carruthers said: “We are excited to expand our partnership and support key future growth, including acquisitions, which will bolster Westland’s distribution offerings across home, commercial, auto and other specialized insurance products.”