An investor group, led by Ethos Capital, British Columbia Investment Management, and White Mountains Insurance Group, is to acquire an ownership position in BroadStreet Partners, a North American insurance brokerage company.
BroadStreet, a middle-market insurance brokerage firm, specialises in commercial and personal property & casualty insurance, as well as employee benefits. It partners with top independent insurance agencies, known as Core Agency Partners. BroadStreet stands out due to its co-ownership model, with over 800 employees holding equity in their respective Core Agencies.
The strategic partnership with Ethos Capital and its co-investors will support BroadStreet’s long-term growth, with a focus on advancing its technology and digital transformation initiatives.
Under the terms of the agreement, Ontario Teachers’ Pension Plan, which acquired a majority stake in BroadStreet in 2012, will retain a significant co-control position and continue to work in partnership with the Ethos-led investor group. Ontario Teachers has played a pivotal role in BroadStreet’s expansion, helping the company scale to become one of North America’s leading private brokerages, now operating across all 50 US states and all 10 Canadian provinces.
Ardea Partners served as the lead financial advisor to Ontario Teachers’ and BroadStreet, with RBC Capital Markets and BMO Capital Markets acting as co-advisors. Latham & Watkins and Torys provided legal counsel to Ontario Teachers’ and BroadStreet, while Kirkland & Ellis represented Ethos Capital.
Legal counsel for BCI was provided by Debevoise & Plimpton, and Cravath, Swaine & Moore advised White Mountains Insurance Group.
