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Canadian MGA GroupAssur Merges with Evolution Insurance April 21, 2021
GroupAssur, a Canadian managing general agent (MGA), specializing in property/casualty insurance lines, announced it has merged with Evolution Insurance, an MGA and wholesaler specializing in complex risks that offers its facilities, programs and services to Canadian brokers.
Novacap, one of Canada’s leading private equity firms, owns a majority interest in GroupAssur. Following the combination, each company will initially continue to operate under their existing brand names, with an objective of full integration in 2022.
Financial details of the transaction were not disclosed.
With the merger, GroupAssur becomes the largest independent Canadian-owned P/C MGA, said Novacap in a statement.