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Wholesalers buy Toronto-based MGA



One80 Intermediaries Inc. has acquired Strategic Underwriting Managers Inc., a Toronto-based managing agent for real estate, non-life insurance and other specialty insurance products.

The terms of the transaction were not disclosed.

Headquartered in Boston, One80 is a wholesale broker, program manager and insurer of property / damages, financial lines, personal lines and medical stop-loss risks serving commercial companies, nonprofits, government entities and individuals, the statement said.

SUM has offices in Toronto, Montreal and Lachine QC and is licensed in all provinces and territories of Canada. The company works with insurance companies and reinsurance companies to design, print and deliver insurance products to brokers across Canada.

"As we join One80, we look forward to developing additional capabilities and introducing new products," said Jeff Somerville, SUM President, in a statement.

One80 has offices in more than 20 locations across the country, including New York City, Chicago, Miami, Atlanta, Houston, Dallas, Nashville, San Diego and Seattle, the statement said.


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