Baker Insurance comes under Axis Insurance umbrella
Baker Insurance comes under Axis Insurance umbrella | Insurance Business Canada
Mergers & Acquisitions
Baker Insurance comes under Axis Insurance umbrella
New acquisition boosts its national presence
Mergers & Acquisitions
By
Terry Gangcuangco
Axis Insurance Managers has acquired Calgary-based property & casualty brokerage Baker Insurance.
The transaction is part of Axis Insurance’s strategy to expand its footprint in the region while enhancing its ability to deliver risk management solutions. The financial terms of the deal were not disclosed.
An expert in complex risks, Baker Insurance was set up in 1976 before it was rebranded in 2006 to its current name following its sale to Ed Baker.
The company specializes in both corporate and private asset protection, offering a range of services including risk assessments, claims management, and comprehensive operational reviews. It also provides niche coverage options like surety bonds and inland marine insurance.
The leadership at Baker Insurance is split between two divisions: commercial lines, headed by Ed and Colin Baker, and personal lines, overseen by Shelley and Tara Baker.
“Axis Insurance is thrilled to welcome Baker Insurance into the team, expanding Axis’ national presence,” the company stated. “Baker’s commitment to exceptional service and risk management aligns perfectly with Axis’ mission and values.”
The deal in Calgary comes on the heels of the group’s swoop for O’Neill Group, a firm in British Columbia specializing in life insurance and financial advisory services.
“The strategic alliance with Axis expands our capabilities and extends our reach, enhancing the services we can provide to our clients,” Axis’ president Thomas O’Neill said recently.
“Having worked alongside Axis for over 10 years, we are confident in a shared vision and dedication to excellence, deeply rooted in our aligned values and company culture, and are excited to continue to provide personalized, top-tier service to our clients and plan members.”
In June, Axis Insurance announced a significant growth investment from funds managed by middle-market investment firm Lee Equity Partners, which has a strong history of investing in the insurance sector.
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