Axis Insurance Managers Inc., the Vancouver, Canada-headquartered brokerage, announced it has acquired The Magnes Group Inc.
Axis Insurance said it made its initial investment in Magnes in 2015. Financial details of the transaction were not disclosed.
Founded in 1933, Magnes is an independent insurance brokerage with more than 100 staff across three offices in Oakville, Ontario; North York, Ontario, and Longueuil, Quebec. Its team specializes in commercial insurance, personal insurance, and life and employee benefits.
Over the coming months, Magnes will be incorporated into the Axis organization with integrated practice groups such as aviation, professional & financial services, personal insurance, life and benefits, and transportation. The leadership teams of both organizations have begun collaborating to establish a seamless organizational structure.
“We are thrilled to see the fulfillment of a vision established nine years ago with Axis,” commented Andy Sloan, president and CEO of Magnes. “Combining the Magnes and Axis teams will provide our professionals with the enhanced resources and expertise to continue to ensure the best results for our clients.”
Established in 2010, Axis Insurance has a team of over 300 experienced professionals with a strong presence across Canada. Axis analyzes business and personal risks, providing strategic advice and solutions that are designed to mitigate, reduce, or effectively transfer risk.
With a commitment to client service, Axis Insurance extends its expertise and support both locally and internationally. The firm’s consistent growth has established it as a leading brokerage throughout Canada.
“Expanding in Ontario and Quebec have been of key strategic importance to Axis for some time, beginning with our strategic investment in Magnes nine years ago,” said Alex Meier, president and CEO of Axis Insurance.
“Magnes is recognized for delivering a high level of knowledge, expertise and tailored solutions to their clients,” Meier added.
“They will bolster our expertise in commercial, personal, and life & benefits insurance solutions, provide a greater geographic reach for our platform, and solidify our position as a national brokerage leader, distinguished by robust specialty practice groups. We are excited to welcome the Magnes team to Axis,” he said.
Source: Axis Insurance Managers
Topics Mergers & Acquisitions Agencies Canada
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