Beazley is expanding its presence in Canada with the acquisition of the specialist managing general agent, Creechurch Underwriters. The financial terms of the transaction were not disclosed.
Since its founding in 1996, Creechurch has built a strong reputation for providing tailored insurance programs to small-and-medium-sized enterprises in a range of industries and professions, including technology, life sciences and health products, manufacturing, distribution and trades, and architects and engineers, said Beazley in a statement.
Creechurch also offers standalone products for cyber, management liability, commercial crime, employment practices liability, professional liability, miscellaneous errors & omissions, medical malpractice, general liability, property (including vacant property), and legal expenses.
Creechurch’s 30 strong team will be based in their existing offices in Toronto, Montreal and Vancouver and will continue to be led by Phil Baker who will report to Gerard Bloom, Beazley’s head of international financial lines.
In 2016 Creechurch generated C$36 million (US$27.6 million) of premiums.
“We are delighted to welcome this highly regarded team to Beazley,” said Gerard Bloom. “We look forward to working together to build Beazley’s presence in Canada by enhancing existing covers and providing deeper support to middle market and large risk accounts along with launching new products.”
Adrian Cox, Beazley’s head of specialty lines said, “Canada has a developed insurance market well suited to the specialist liability products that we offer. Last year we launched our market leading data breach product, Beazley Breach Response, in Canada and we see significant growth opportunities across our product range.”
Phil Baker, president of Creechurch said, “We have had a successful trading partnership with Beazley ever since we began in 1996. We are very familiar with Beazley’s people, products and culture – it’s a great fit.”
Source: Beazley
Topics Mergers & Acquisitions Excess Surplus Underwriting Insurance Wholesale Canada
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