H.W. Kaufman Group and Burns & Wilcox Canada announced they have acquired Toronto-based TRU Transportation Risk Underwriters Ltd. (TRU), a Canadian managing general agent (MGA) with expertise in providing risk solutions for truck and taxi commercial fleets.
TRU will become part of Burns & Wilcox Canada, a Toronto-headquartered MGA and a member of H.W. Kaufman Group. Financial details of the transaction were not disclosed.
The acquisition, which marks Kaufman’s 19th since 2010, will augment the company’s existing inland marine expertise. In addition, Burns & Wilcox Canada will be well positioned to capture additional opportunities in the evolving transportation space, said the company in a statement. (Burns & Wilcox Canada has offices in Toronto, Halifax, Montreal, Ottawa, St. John’s, and Vancouver).
John McGlynn brings the company’s inland marine portfolio and expertise to Burns & Wilcox Canada, serving as director, Transportation, within the company’s Toronto office. He will report to Jodie Kaufman Davis, corporate senior vice president, H.W. Kaufman Group, and managing director, Burns & Wilcox Canada.
“TRU is well-known for their success and experience with hard-to-place transportation risks, requiring deep knowledge and proficiencies that makes this strategic deal a strong fit for our business,” said Kaufman Davis. “The rise of the sharing economy and growth of new transportation services are transforming the Canadian transportation space. We look forward to leveraging TRU’s inland marine expertise to better serve our clients in navigating this ever-changing landscape.”
Producing upwards of $55 billion annually, the Canadian transportation industry overall has experienced significant growth in recent years, making up nearly five percent of total gross domestic product, said Burns & Wilcox in a statement, quoting reports from the Canadian government.
“TRU and Burns & Wilcox Canada place great value in being innovative and proactive when it comes to the future of the insurance industry, developing products and services to help pave the way for long-term success and we expect our combined expertise to cultivate excellent results,” said McGlynn.
Source: Burns & Wilcox Canada and H.W. Kaufman Group
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