Millennial Specialty Insurance expands into Canada
Millennial Specialty Insurance expands into Canada | Insurance Business Canada
Property
Millennial Specialty Insurance expands into Canada
Move marks company’s first time to write business outside the US
Property
By
Terry Gangcuangco
BRP Group subsidiary Millennial Specialty Insurance (MSI) has entered the Canadian market through a partnership with commercial property and casualty insurance broker Summit Commercial Solutions.
The launch of MSI’s multifamily insurance offerings in Canada marks the first time the Florida-based managing general agency is writing business outside of the US, making its renters and tenant legal liability products available to Canadian clients.
“This is a significant milestone for MSI as we expand our operations internationally,” said Adam Falkauff, president of multifamily group at MSI.
“With deep expertise in the residential rental market and a proven model in the United States, MSI is well positioned to meet the needs of the growing renters’ insurance market in Canada and provide useful solutions for consumers and property managers in this marketplace.”
Josh Pillsbury, co-founder and managing partner at Summit, commented: “We are excited about this opportunity with MSI. The demand for more comprehensive, technology-focused renters insurance solutions has become increasingly necessary in the Canadian residential rental market. We look forward to being at the forefront of this venture.”
Falkauff added: “The consolidation of rental property management and ownership in the Canadian market, coupled with a lack of robust renters insurance solutions, has led to increased demand for a solution like the one provided by MSI.
“Summit’s and MSI’s collaboration is the right approach to quickly provide and scale a solution to meet this consumer need in Canada.”
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