Broadstreet Partners, a leading middle-market insurance brokerage, has recently closed a strategic investment led by Ethos Capital, British Columbia Investment Management Corporation (BCI), and White Mountains Insurance Group, Ltd. This marks a significant milestone in the company's growth trajectory.
Ontario Teachers' Pension Plan will retain a significant co-control stake and continue its partnership with the Ethos-led investor group.
Key metrics: Broadstreet has 30 core agency partners and provides ownership opportunities for more than 800 agency professionals across the U.S. and Canada. The company partners with leading independent insurance agencies and supports them with M&A capabilities, capital solutions, and resources to accelerate organic growth. The investment was made by an investor group led by Ethos Capital, BCI, and White Mountains, with accounts advised by T. Rowe Price Investment Management, Inc. also participating. The company's distinctive co-ownership model, commitment to innovation, and continued investment in digital transformation position its core agency partners for sustained success and long-term growth.
Financial advisors and legal counsel: Ardea Partners served as lead financial advisor to Ontario Teachers’ and Broadstreet. RBC Capital Markets and BMO Capital Markets served as co-advisors. Latham & Watkins LLP and Torys LLP served as legal counsel to Ontario Teachers’ and Broadstreet. Kirkland & Ellis LLP served as legal counsel to Ethos Capital. Debevoise & Plimpton LLP served as legal counsel to BCI. Cravath, Swaine & Moore LLP served as legal counsel to White Mountains.
This investment demonstrates a strong show of confidence in Broadstreet's business model and growth potential, further solidifying its position as a leading player in the insurance brokerage industry. The market has reacted to these announcements by moving the company's shares 0.23% to a price of $1816.20. For more information, read the company's full 8-K submission here.
