H.W. Kaufman Financial Group and Burns & Wilcox Canada announced they have acquired the high-value homeowner’s insurance practice from Quebec-based XN Financial Services Inc. (XN).
A managing general agent and provider of insurance products, XN is a subsidiary of The Henner Group, one of France’s leading insurance specialists offering solutions for individuals and companies, said a statement from the acquiring companies.
XN Canada Private Client Services’ (XN PCS) employees and products, designed specifically for the needs of high-value homeowners, will become part of Burns & Wilcox Canada, a flagship organization of Kaufman group of companies and North America’s leading managing general agent and specialty insurance broker.
Financial details of the transaction were not disclosed.
“Strategic acquisitions that complement, further strengthen, and expand our expertise into new markets is a deliberate focus,” said Alan Jay Kaufman, chairman, president and CEO of H.W. Kaufman Financial Group. “The acquisition adds substantial value to Burns & Wilcox Canada in Quebec’s growing insurance landscape.”
The acquisition marks the expansion of Burns & Wilcox Canada into Quebec.
“Burns & Wilcox Canada is proud to open its new office in Montreal, and we welcome the talented colleagues of XN PCS to our team,” said Jodie Kaufman Davis, Corporate Vice President and Managing Director of Burns & Wilcox Canada. “The acquisition fits into our long term strategic growth plan, enhancing our personal lines capabilities in Quebec.”
“We are pleased to join such an established, trusted, and client-focused firm like Burns & Wilcox Canada,” said Carol Bolduc, director of Relationships with Brokers of XN PCS. “Burns & Wilcox Canada can provide the diversified range of expertise, experience and services our clients demand.” Bolduc will stay on with Burns & Wilcox Canada as the Quebec personal lines manager.
This marks the 15th acquisition by H.W. Kaufman Financial Group since 2010.
About Burns & Wilcox Canada and H.W. Kaufman Financial Group
Burns & Wilcox Canada is a managing general agent with offices in Toronto, Ottawa, Halifax, and St. John’s. Burns & Wilcox Canada is a member of H.W. Kaufman Financial Group, whose global activities include: Burns & Wilcox, Burns & Wilcox Brokerage, Burns & Wilcox Re, Atain Insurance Companies, Canadian Reports, US-Reports, Chesterfield Insurance Brokers, Lochain Patrick, Cranbrook Underwriting, Global Excess Partners, R.B. Jones, Royal Premium, and Minuteman Adjusters.
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