Axis Insurance Managers Inc., the Vancouver-based independent specialty insurance brokerage, announced it has received a significant growth investment from Lee Equity Partners LLC, a middle market private equity firm that specializes in the financial services and healthcare industries.
The partnership with Lee Equity strategically positions Axis Insurance for long-term success and growth and complements the company’s existing shareholder base, the broker said. As part of the transaction, Axis Insurance founder and CEO, Alex Meier, retained the majority of his equity stake.
Financial details of the investment were not disclosed.
“Our team is excited to partner with a seasoned financial services investor with a deep understanding of the insurance industry” stated Meier, Axis Insurance president & CEO. “We have made great strides in building out an exceptional national business. The investment partnership with Lee Equity will provide an incredible opportunity to accelerate our growth and vision to be best-in-class in every category of our industry.”
“Axis Insurance is an emerging leader in specialty commercial insurance with an impressive track record of growth. There’s great potential for the company to become a leading, national broker in the Canadian market,” according to Mark Mauceri, partner, of New York City-based Lee Equity.
“We have been highly impressed with the thoughtful approach Axis Insurance has taken to building a market leading business, and we are excited to partner with Alex and the Axis leadership team to capitalize on the many opportunities ahead,” said Mark Gormley, partner, Lee Equity.
Lee Equity and its principals have a long track record of investing in the insurance sector, including investments in Captive Resources, McLarens, K2 Insurance, Simplicity Group, and Universal American.
Smythe LLP served as financial and tax adviser to Axis Insurance on this transaction. Lawson Lundell LLP acted as legal counsel to Axis Insurance. Piper Sandler & Co. served as financial advisor to Lee Equity. Stikeman Elliott LLP acted as legal counsel to Lee Equity.
With roots dating back to 1928, Axis Insurance has over 300 employees and offices throughout Canada.
Source: Axis Insurance
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