Lessons from a brokerage's success story - Hot SR-22 Insurance News

Lessons from a brokerage’s success story | Insurance Business Canada

Insurance News

Lessons from a brokerage’s success story

How one firm is soaring to new heights

Insurance News

By
Mika Pangilinan

At a time marked by rapid change and evolving market dynamics, it’s impressive to see brokerages that are able to defy industry challenges and achieve continuous growth.

For Westland Insurance, which ranked second in Insurance Business Canada’s 5-Star Brokerages of 2023, such growth came as a result of strategic investments that focused on fostering talent and harnessing technology, in addition to expanding its network and capabilities.

“Five years ago, Westland was considered a super-regional brokerage with a concentration in personal lines, agriculture and small commercial in Western Canada,” said president and CEO Jamie Lyons.

“Today, we are represented from coast to coast, with a balanced portfolio and recognized leadership across commercial lines, including a growing presence in niche, specialty, mid-market and more complex risk.”

According to Lyons, the investments they’ve made in key areas have allowed the brokerage to scale, diversify, and reduce risk.

Over the past two years, Westland Insurance saw a 12% increase in clients, along with a 43% rise in revenue and a 21% expansion in policies.

It has also significantly increased its presence across Canada, with over two-thirds of its growth emanating from regions where it previously had no presence—Ontario, Quebec, and Atlantic Canada.

Today, these regions account for nearly a quarter of Westland’s overall business, marking a significant achievement in its national expansion journey.

“It’s a very exciting time for us,” Lyons said, as he laid out his outlook for the future.

“This is a made-in-Canada capital partnership with a long-term and committed partner who is also one of the world’s largest and most credible pension funds,” Lyons added.

Read the full report to learn more about Westland Insurance’s growth journey and the other winners of IBC’s 5-Star Brokerages of 2023.