Wholesale broker buys Toronto-based MGA
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One80 Intermediaries Inc. has acquired Strategic Underwriting Managers Inc., a Toronto-based managing general agent for property, casualty and other specialty insurance products.
Terms of the transaction were not disclosed.
Headquartered in Boston, One80 is a wholesale broker, program manager, and insurance aggregator of property/casualty, financial lines, personal lines, and medical stop-loss risks serving commercial companies, non-profits, public entities and individuals, the statement said.
SUM has offices in Toronto, Montreal and Lachine QC, and is licensed in every province and territory in Canada, the statement said. The firm works with insurers and reinsurers to design, underwrite and deliver insurance products to brokers throughout Canada.
“In joining One80 we look forward to developing additional capacity, and introducing new products,” Jeff Somerville, SUM president, said in the statement.
One80 has offices in more than 20 locations nationwide including New York City, Chicago, Miami, Atlanta, Houston, Dallas, Nashville, San Diego and Seattle, the statement said.
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