BRP Group’s oblique arm, MSI, has expanded its choices to the Canadian market with multi-family-focused insurance coverage options.
This marks MSI’s first enterprise outdoors of the US, bringing each its renters and tenant authorized legal responsibility merchandise to a brand new buyer base.
Based in 2015, MSI claims to have insured a couple of million residential rental items throughout the US with its numerous vary of insurance coverage merchandise.
MSI, which joined BRP in 2019, leverages a expertise platform to facilitate the supply of rental insurance coverage options.
The corporate’s technique entails collaborating with insurance coverage carriers to design merchandise which are distributed by way of a community of brokers, brokers and expertise companions.
To determine a foothold in Canada, MSI is partnering with Summit Business Options (Summit), a Canadian industrial property and casualty insurance coverage brokerage.
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MSI famous that Summit’s attain, serving greater than 90% of Canada’s English-speaking inhabitants, supplies it with a platform to introduce its merchandise to the Canadian residential rental market.
MSI president of Multifamily Group Adam Falkauff mentioned: “This can be a vital milestone for MSI as we increase our operations internationally. With deep experience within the residential rental market and a confirmed mannequin within the US, MSI is effectively positioned to satisfy the wants of the rising renters insurance coverage market in Canada and supply helpful options for shoppers and property managers on this market.
“Summit’s and MSI’s collaboration is the proper method to shortly present and scale an answer to satisfy this shopper want in Canada.”
Summit co-founder and managing associate Josh Pillsbury mentioned: “We’re excited for this chance with MSI. The demand for extra complete, technology-focused renters insurance coverage options has grow to be more and more vital within the Canadian residential rental market. We look ahead to being on the forefront of this enterprise.”
Lately, BRP agreed to divest its wholesale E&S (extra and surplus) insurance coverage brokerage, Linked Threat Options, to Amwins.
In March 2022, BRP introduced the acquisition of Westwood Insurance coverage Company, a California-based firm recognized for its builder-sourced householders insurance coverage, for an undisclosed sum.
