Ontario Teachers’ Pension Plan Invests in Westland Insurance Group
Posted on 04/24/2023
Formed in 1980 in British Columbia, Westland Insurance Group Ltd. is a major independent insurance brokerage in Canada. BroadStreet Partners, Inc. is the Ontario Teachers’ Pension Plan financial platform for investing in insurance distribution. BroadStreet Partners is investing in Westland Insurance Group. Ontario Teachers’ and BroadStreet complement Westland’s existing shareholder base, which includes the founding Wubs family, who will retain a significant stake in the company. Operational control will remain with the Wubs and management following the transaction. The transaction is expected to be completed during the second quarter of 2023, subject to customary closing conditions, including regulatory approvals.
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.
Advisors
Evercore served as financial advisor to Westland in connection with the transaction and Stikeman Elliott LLP served as its legal advisor. BMO Capital Markets and RBC Capital Markets served as financial advisors to BroadStreet and Ontario Teachers’, and Torys LLP and Weil, Gotshal & Manges LLP served as their legal advisor.
Blackstone Credit (part of Blackstone Group) will be exiting their investment in Westland Insurance Group. On December 13, 2022, Blackstone Credit led an additional US$ 200 million commitment to support Westland’s growth strategy, bringing its aggregate investment to US$ 1.4 billion till December 2022. With regard to Westland Insurance Group, Blackstone Credit made its initial investment in January 2021 and further investment in January 2022.
Ontario Teachers’, through its financial partnership with BroadStreet, invests in select, high performing, and entrepreneurial insurance brokers.
Keywords: Ontario Teachers Pension Plan, Blackstone Group LP.