Canadian Broker Network sells South Western Group Ltd. to MGA investment group

Canadian Broker Network (CBN), a network of independent insurance brokers, has sold managing general agent South Western Insurance Group Limited (SWG) to Three Holdings Inc.

CBN said the transaction will allow its member brokerages to focus their efforts on creating insurance solutions for personal and business clients, while allowing SWG to align with a group strategically invested in the MGA business segment.

“This is a good deal for both parties and we look forward to our continued support of SWG,” said CBN chairman Michael Robinson.

South Western Group Limited offers a broad range of insurance solutions for specialty, niche, program and hard-to-place business. Since 1961, it has provided underwriting expertise to independent insurance brokers across Canada.

Three Holdings Inc. is a privately held insurance services group that strategically invests in the MGA business segment, providing an operating platform, shared services capabilities, and strategic direction.

The acquisition of SWG and its subsidiary, Optisure Underwriting Services Inc., expands the footprint of Three Holdings Inc. in the Canadian marketplace, adding to its holding in MedThree Insurance Group.

“The acquisition of SWG and Optisure provide operating and underwriting depth to the group and add significant value to our broker partners across Canada,” said Neil McRuer, president of Three Holdings Inc.

Existing SWG staff remain under the leadership of the current president, John Barclay. Terms of the transaction were not disclosed.

“We are excited to join the Three Holdings group,” said Barclay. “This transaction will allow SWG and Optisure to accelerate their growth goals and expand our available product categories, and I also look forward to my expanded role with Three Holdings.”

CBN is a consortium of independent insurance brokerages, including:

• Cal LeGrow Insurance Limited,
• CapriCMW Insurance Services Ltd.,
• Lawrie Insurance Group Inc.,
• McLean Hallmark Insurance Group Ltd.,
• PBL Insurance Limited,
• Rogers Insurance Ltd.,
• Smith, Petrie, Carr & Scott Insurance Brokers Limited,
• Gemstar Holdings Ltd. o/a Sharp Insurance, and
• Bullfrog Insurance, the industry’s first digital commercial broker.

Together, CBN members represent more than $1 billion in property casualty premiums as well as employee benefits and life and financial services, with over 50 offices across Canada and more than 1,500 employees.

David Gambrill

David has twice served as Canadian Underwriter’s senior editor, both from 2005 to 2012, and again from 2017 to the present.