IC Group acquires remaining stake in MGA

IC Group acquires remaining stake in MGA | Insurance Business Canada

Mergers & Acquisitions

IC Group acquires remaining stake in MGA

President highlights company’s ‘impressive’ growth

Mergers & Acquisitions

By
Jonalyn Cueto

11197894 Canada Ltd. (IC Group) has announced the acquisition of the remaining 13% ownership stake in Insured Creativity Inc. (ICI).

According to a news release, the transaction, completed on June 21, 2024, involved a combination of cash and shares issued to Bostraze Trading Inc. (Bostraze). With this acquisition, ICI is now a wholly owned subsidiary of IC Group.

ICI is a specialized managing general agent (MGA) operating as a Lloyd’s cover holder. It offers tailored underwriting solutions for the sports, entertainment, and event promotions industries, specializing in prize insurance, liability protection, and coverage against cancellation risks for live events.

David Sasaki, president of ICI, highlighted the company’s impressive growth, particularly during the post-pandemic recovery period.

“Insured Creativity has demonstrated remarkable growth, particularly in post-pandemic recovery,” Sasaki said. “With the global live events industry projected to grow significantly over the next decade, our expanded partnership with IC Group positions us to deliver specialized expertise and support to our partners and clients worldwide.”

Mike Pakeman, owner of Bostraze, said: “I’m excited to see the growth and innovation in our business. This acquisition reflects our continuous efforts to push boundaries and enhance our offerings, especially in the events space.”

The acquisition aligns with IC Group’s strategic vision to leverage ICI’s industry expertise and operational excellence, the news release added.

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