Ethos Capital, BCI, and White Mountains to Partner with BroadStreet and Ontario Teachers' to Drive Next Chapter of Growth
BroadStreet Partners, a leading North American insurance brokerage company, announced that an investor group led by Ethos Capital, along with British Columbia Investment Management (BCI), and White Mountains Insurance Group (WTM), will acquire an ownership position in the company. Ontario Teachers' Pension Plan will maintain a significant co-control stake.
BroadStreet operates through a unique co-ownership model with over 800 colleagues owning equity in their local Core Agencies. The company has presence in all 50 U.S. states and 10 Canadian provinces, focusing on commercial and personal property & casualty and employee benefits. The new partnership aims to support BroadStreet's long-term plans, including technology and digital transformation investments.
Ontario Teachers' acquired a majority stake in BroadStreet in 2012, during which the company has grown to become one of the top private brokerages in North America.
BroadStreet Partners, una delle principali compagnie di brokeraggio assicurativo del Nord America, ha annunciato che un gruppo di investitori guidato da Ethos Capital, insieme a British Columbia Investment Management (BCI) e White Mountains Insurance Group (WTM), acquisirà una partecipazione nella società. Ontario Teachers' Pension Plan manterrà una significativa quota di co-controllo.
BroadStreet opera attraverso un modello di co-proprietà unico, con oltre 800 colleghi che possiedono azioni nelle loro agenzie locali. L'azienda è presente in tutti i 50 stati americani e in 10 province canadesi, concentrandosi su proprietà commerciali e personali, danni e benefici per i dipendenti. La nuova partnership mira a supportare i piani a lungo termine di BroadStreet, inclusi investimenti in tecnologia e trasformazione digitale.
Ontario Teachers' ha acquisito una partecipazione di maggioranza in BroadStreet nel 2012, durante il quale l'azienda è cresciuta diventando uno dei principali broker privati del Nord America.
BroadStreet Partners, una de las principales compañías de corretaje de seguros en América del Norte, anunció que un grupo de inversionistas liderado por Ethos Capital, junto con British Columbia Investment Management (BCI) y White Mountains Insurance Group (WTM), adquirirá una participación en la empresa. Ontario Teachers' Pension Plan mantendrá una participación significativa de co-control.
BroadStreet opera a través de un modelo de co-propiedad único, con más de 800 colegas que poseen acciones en sus agencias locales. La empresa tiene presencia en los 50 estados de EE. UU. y en 10 provincias canadienses, enfocándose en propiedades comerciales y personales, así como en beneficios para empleados. La nueva asociación tiene como objetivo apoyar los planes a largo plazo de BroadStreet, incluidos inversiones en tecnología y transformación digital.
Ontario Teachers' adquirió una participación mayoritaria en BroadStreet en 2012, período durante el cual la empresa ha crecido para convertirse en una de las principales corredurías privadas en América del Norte.
브로드스트리트 파트너스는 북미의 주요 보험 중개 회사로서, 에토스 캐피탈이 이끄는 투자자 그룹과 브리티시컬럼비아 투자 관리(BCI), 화이트 마운틴 보험 그룹(WTM)이 회사의 지분을 인수할 것이라고 발표했습니다. 온타리오 교사 연금 계획은 상당한 공동 통제 지분을 유지할 것입니다.
브로드스트리트는 800명 이상의 동료가 지역 핵심 에이전시의 지분을 소유하는 독특한 공동 소유 모델을 통해 운영됩니다. 이 회사는 미국 50개 주와 캐나다 10개 주에 존재하며, 상업 및 개인 재산 및 재해, 직원 복지에 중점을 두고 있습니다. 새로운 파트너십은 브로드스트리트의 장기 계획을 지원하고 기술 및 디지털 혁신에 대한 투자를 포함하는 것을 목표로 하고 있습니다.
온타리오 교사는 2012년에 브로드스트리트의 대다수 지분을 인수했으며, 그 동안 이 회사는 북미에서 가장 주요한 사설 중개업체 중 하나로 성장하게 되었습니다.
BroadStreet Partners, une des principales sociétés de courtage d'assurance en Amérique du Nord, a annoncé qu'un groupe d'investisseurs dirigé par Ethos Capital, en collaboration avec British Columbia Investment Management (BCI) et White Mountains Insurance Group (WTM), va acquérir une participation dans l'entreprise. Ontario Teachers' Pension Plan conservera une part significative de co-contrôle.
BroadStreet fonctionne selon un modèle de co-propriété unique, avec plus de 800 collègues possédant des actions dans leurs agences locales. L'entreprise est présente dans les 50 États américains et dans 10 provinces canadiennes, se concentrant sur les biens commerciaux et personnels, ainsi que sur les prestations pour les employés. Le nouveau partenariat vise à soutenir les plans à long terme de BroadStreet, y compris des investissements dans la technologie et la transformation numérique.
Ontario Teachers' a acquis une participation majoritaire dans BroadStreet en 2012, période durant laquelle l'entreprise est devenue l'un des principaux courtiers privés en Amérique du Nord.
BroadStreet Partners, ein führendes nordamerikanisches Versicherungsbrokerage-Unternehmen, gab bekannt, dass eine von Ethos Capital geführte Investorengruppe, zusammen mit British Columbia Investment Management (BCI) und White Mountains Insurance Group (WTM), eine Beteiligung an dem Unternehmen erwerben wird. Ontario Teachers' Pension Plan wird eine bedeutende Mitkontrollbeteiligung behalten.
BroadStreet operiert durch ein einzigartiges Co-Eigentumsmodell, bei dem über 800 Kollegen Anteile an ihren lokalen Kernagenturen besitzen. Das Unternehmen ist in allen 50 US-Bundesstaaten und 10 kanadischen Provinzen tätig und konzentriert sich auf gewerbliche und persönliche Sach- und Unfallversicherungen sowie Mitarbeiterleistungen. Die neue Partnerschaft zielt darauf ab, die langfristigen Pläne von BroadStreet zu unterstützen, einschließlich Investitionen in Technologie und digitale Transformation.
Ontario Teachers' erwarb 2012 eine Mehrheitsbeteiligung an BroadStreet, während der das Unternehmen zu einem der führenden privaten Broker in Nordamerika gewachsen ist.
- Strategic investment from Ethos Capital, BCI, and WTM brings additional expertise and resources
- Maintains successful partnership with Ontario Teachers' Pension Plan
- Extensive market presence across all U.S. states and Canadian provinces
- Strong alignment of interests through co-ownership model with 800+ colleagues
- None.
Insights
White Mountains' investment in BroadStreet represents a strategic enhancement to its investment portfolio in the insurance distribution space. This transaction follows WTM's established pattern of taking meaningful positions in insurance intermediaries, complementing its previous investments in companies like NSM Insurance Group.
The partnership structure is particularly noteworthy - by joining forces with sophisticated institutional investors like Ethos Capital, BCI, and Ontario Teachers', WTM gains both risk diversification and collective industry expertise. This consortium approach allows White Mountains to access a larger deal while maintaining portfolio balance.
BroadStreet's co-ownership model stands out as a differentiated approach in the highly consolidating insurance brokerage market. This structure creates stronger alignment between the parent company and local agencies, potentially driving better retention of key producers and more sustainable growth compared to traditional roll-up strategies.
While financial terms weren't disclosed, this investment likely represents a meaningful capital deployment for White Mountains, which had approximately
For long-term investors, this partnership indicates White Mountains' continued commitment to deploying capital in the insurance ecosystem where it has domain expertise rather than diversifying into unrelated industries.
BroadStreet is a leading middle-market insurance brokerage focused on commercial and personal property & casualty and employee benefits. BroadStreet partners with leading independent insurance agencies, known as Core Agency Partners. Complementing its M&A capabilities and capital solutions, the Company provides a vast network of market resources, tools, and expertise to its Core Agency Partners, working alongside them to drive organic growth and improve agency performance.
BroadStreet is unique in the market because of its co-ownership model with more than 800 colleagues that own equity in their local Core Agencies. The co-ownership approach creates focused alignment between BroadStreet and its Core Agency Partners around growth and value creation. The partnership with Ethos and its co-investors will support BroadStreet’s long-term plans, including its continued investment in technology and digital transformation.
Mike O’Connor, Chief Executive Officer, BroadStreet said: “BroadStreet is uniquely positioned as the partner of choice for successful entrepreneurs seeking new avenues for growth. Our differentiated co-ownership model and proven strategy empower our 30 Core Agency Partners to scale their businesses with confidence. For over a decade, the Ontario Teachers’ team has been a value-added partner to us. We are excited to continue this collaboration and now join forces with Ethos, BCI, and White Mountains, leveraging their collective expertise to enhance our capabilities and drive sustained growth.”
Rick Miley, Founder and Board Member, BroadStreet said: “We are proud of the tremendous growth that we have achieved on our journey over the last dozen years with the support of Ontario Teachers’. We now look forward to continuing and strengthening that partnership with the addition of the new Ethos-led investor group. We see tremendous value in being able to tap into the combined expertise of the Ontario Teachers’ and Ethos-led teams to the benefit of our Core Agency leaders. By coming together, BroadStreet is taking a significant step forward on our mission to become the preferred home for premier insurance agencies in North America.”
Ethos Capital invests in seasoned companies like BroadStreet, with proven business models and management teams, which are ready for accelerated growth, sustainable long-term value creation, and enhanced performance. The firm’s unique Executive Partner model pairs experienced investors and industry practitioners with the leaders of its portfolio companies, partnering in their growth.
Brent Stone, Managing Partner, Ethos Capital said: “BroadStreet has developed a highly differentiated business model – consistently building its expertise and scale through its industry network and a growing set of Core Agency Partners. Our Ethos leadership team and co-investors have significant experience in accelerating growth and long-term value creation for high-performance companies including in the insurance sector. We look forward to partnering with an executive of Mike’s caliber and his team to pursue their future growth ambitions.”
Ontario Teachers’ acquired a majority stake in BroadStreet in 2012 and has taken an active role in supporting the organization’s growth by focusing on long-term value creation. Under its ownership, BroadStreet has meaningfully scaled the business and become one of the top private brokerages in
Jeff Markusson, Senior Managing Director, Private Capital, Ontario Teachers’ and BroadStreet Board Member commented: “BroadStreet has experienced tremendous growth as a result of its unique co-ownership model and strong management team. As we continue to focus on creating long-term value at BroadStreet, we are delighted to bring in like-minded partners with a proven track record in the insurance industry. Ethos and its co-investors share our vision of growing BroadStreet into the premier insurance brokerage company in
Ardea Partners served as lead financial advisor to Ontario Teachers’ and BroadStreet, and RBC Capital Markets and BMO Capital Markets served as co-advisors. Latham & Watkins LLP and Torys LLP served as legal counsel to Ontario Teachers’ and BroadStreet. Kirkland & Ellis LLP served as legal counsel to Ethos Capital. Debevoise & Plimpton LLP served as legal counsel to BCI. Cravath, Swaine & Moore LLP served as legal counsel to White Mountains.
About BroadStreet Partners
BroadStreet Partners is an insurance brokerage company headquartered in
About Ethos Capital
Ethos Capital is a global investment firm that makes majority and minority control investments in middle-market companies, primarily across
About Ontario Teachers’
Ontario Teachers' Pension Plan Board (Ontario Teachers') is a global investor with net assets of
About BCI
British Columbia Investment Management Corporation (BCI) is amongst the largest institutional investors in
BCI Private Equity actively manages a
About White Mountains
White Mountains Insurance Group, Ltd. (NYSE: WTM) is a
View source version on businesswire.com: https://www.businesswire.com/news/home/20250408764682/en/
Media
Ethos Capital
Prosek Partners
Bea Broderick
pro-ethoscapital@prosek.com
BCI
Olga Petrycki
media@bci.ca
Ontario Teachers’
Dan Madge/James DeCosimo
media@otpp.com
Source: Ethos Capital
FAQ
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