Blackstone Credit has led an additional $200 million commitment to support Westland Insurance‘s growth strategy, following its initial investment in January 2021 and further investment in January 2022.
Founded in 1980 in British Columbia, Westland is an insurance brokerage with over 200 locations and 2,300 employees across Canada and offers a suite of P&C Insurance products. In 2022, Westland completed over 26 acquisitions across Canada, including adding two verticals to its corporate advisory and specialty practice: employee group benefits with the Winch Group and entertainment insurance with Front Row Insurance Brokers. The new financing includes an undrawn debt facility to drive strategic acquisitions. The latest investment brings Blackstone Credit’s aggregate investment to $1.4 billion.
“We are pleased to further scale our partnership, bringing the resources of our global platform to bear as Westland expands upon its product offering to better serve new and existing customers,” states Michael Carruthers, a senior managing director at Blackstone Credit.