June 10, 2024 — Axis Insurance Managers Inc. (“Axis Insurance” or “the Company”), a leading independent specialty insurance brokerage, is pleased to announce that it has received a significant growth investment from funds managed by Lee Equity Partners, LLC (“Lee Equity”), a growth oriented middle market investment firm specializing in investments in the financial services and healthcare industries.
The partnership with Lee Equity strategically positions Axis Insurance for long-term success and growth and complements the Company’s existing shareholder base. As part of the transaction, Axis Insurance founder and CEO, Alex Meier, retained the majority of his equity stake in the Company.
“Our team is excited to partner with a seasoned financial services investor with a deep understanding of the insurance industry” stated Alex Meier, Axis Insurance President & CEO. “We have made great strides in building out an exceptional national business. The investment partnership with Lee Equity will provide an incredible opportunity to accelerate our growth and vision to be best-in-class in every category of our industry.”
“Axis Insurance is an emerging leader in specialty commercial insurance with an impressive track record of growth. There’s great potential for the Company to become a leading, national broker in the Canadian market, said Mark Mauceri, Partner, Lee Equity. “We have been highly impressed with the thoughtful approach Axis Insurance has taken to building a market leading business, and we are excited to partner with Alex and the Axis leadership team to capitalize on the many opportunities ahead,” added Mark Gormley, Partner, Lee Equity.
Lee Equity and its principals have a long track record of investing in the insurance sector, including investments in Captive Resources, McLarens, K2 Insurance, Simplicity Group, and Universal American, amongst others.
Smythe LLP served as financial and tax advisor to Axis Insurance on this transaction. Lawson Lundell LLP acted as legal counsel to Axis Insurance. Piper Sandler & Co. served as financial advisor to Lee Equity. Stikeman Elliott LLP acted as legal counsel to Lee Equity.
About Axis Insurance Managers Inc.
Axis Insurance provides local, national, and international clients with risk management and insurance services with a focus on specialized risks. Axis Insurance professionals analyze complex business and personal risks to provide advice and solutions to mitigate, reduce or transfer those risks. With roots dating back to 1928, over 300 employees and offices throughout Canada, the Company is one of the fastest growing and largest independent brokerages in the country. For more information, please visit www.axisinsurance.ca
About Lee Equity Partners, LLC
Lee Equity Partners, LLC is a middle-market private equity firm that partners with businesses in the financial and healthcare services sectors. Over nearly two decades the firm has utilized its thematic based investment strategy and deep sector knowledge to identify and partner with talented management teams to accelerate growth and build market leading businesses. Additional information is available at www.leeequity.com
Media Inquiries:
Dane Gorton
Director, Business Development & Marketing
Axis Insurance
604.731.5328
dane.gorton@axisinsurance.ca
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