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The Canadian Broker Network (CBN) has sold South Western Insurance Group (SWG) to Three Holdings Inc., a privately held insurance services group. Terms of the transaction were not disclosed.
SWG staff will remain under the leadership of current president, John Barclay, following the acquisition. The deal is set to allow SWG to align with a group strategically invested in the MGA business segment, while CBN will continue to focus on creating insurance solutions for personal and business clients.
CBN chairman, Michael Robinson, commented: “This is a good deal for both parties and we look forward to our continued support of SWG.”
By acquiring SWG and its subsidiary Optisure Underwriting Services Inc., Three Holdings expands its footprint 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, Three Holdings Inc.
John Barclay, SWG CEO added: “We’re excited to join the Three Holdings group. 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.”
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