Axis Insurance acquires specialist broker
One of British Columbia’s largest brokerages, Axis Insurance Managers, has completed its acquisition of BMG Insurance Brokers, a Western Canada-based brokerage that specializes in aviation and aerospace risks.
Vancouver-based Axis completed the acquisition of privately-owned BMG Aviation Ltd. (doing business as BMG Insurance Brokers), effective June 1. Axis says BMG is “recognized and respected nationally and internationally” in the area of aviation and aerospace risks, and develops tailored insurance programs for clients.
“The acquisition of BMG immediately positions Axis as a leader in aviation and aerospace insurance,” Axis says in the release. “Going forward, the group will operate under the Axis brand.”
BMG managing directors Maureen Crockett and Brian Julien will be responsible for leading and expanding Axis’ aviation and aerospace practice, supported by their team.
With roots dating back to 1928, Axis has more than 150 employees with offices throughout British Columbia. It serves local, national and international clients with risk management and personal and commercial insurance services.
Its offerings include specialized personal lines coverage for high-value home and condos, wine collections, fine arts, and legal expenses, among others. On the commercial side, it offers mining insurance, captive solutions, professional liability for architects, engineers and geoscientists, equipment breakdown, and blockchain and initial coin offering insurance, among others.
Axis says it is focused on building a national brokerage. It’s also a major shareholder in Ontario-based brokerage Magnes Insurance Group (which has an established aviation and aerospace practice). Newfoundland-based Wedgewood Insurance is also a major shareholder in Magnes, Axis reports.
Axis’ acquisition is the latest in a slew of transactions already in June. McDougall Insurance & Financial, BrokerLink and StoneRidge Insurance Brokers (SIB) all announced M&A deals earlier this month.
Ontario brokerage McDougall Insurance merged with Brown & Brethour Insurance Brokers Limited, which provides comprehensive property, auto, commercial and farm insurance; BrokerLink acquired Ontario-based personal and commercial lines brokerages Insurance Executives Brokers & Consultants Inc. and Goodison Insurance and Financial Services Limited; StoneRidge Insurance Brokers expanded into Saskatchewan with a partnership with K5 Insurance Inc.
Feature image by iStock.com/alvarez