US insurance broker BroadStreet closes investment led by Ethos Capital
By Navneeta Nandan
July 18 - (The Insurer) - U.S. retail broker BroadStreet Partners has announced the successful closing of an investment led by Ethos Capital, British Columbia Investment Management Corporation and White Mountains Insurance Group.
Accounts advised by T Rowe Price Investment Management also participated in the transaction, which was first announced in April.
Ontario Teachers’ Pension Plan has retained a significant co-control stake and is continuing its partnership with the investor group, as previously announced. It first invested in BroadStreet in 2012.
Ardea Partners served as lead financial adviser to Ontario Teachers’ and BroadStreet.
Columbus, Ohio-based middle-market broker BroadStreet provides commercial and personal P&C and employee benefits solutions.
It is one of the largest brokers in the U.S., ranked within top 15 by Moody's Ratings, and generated more than $1.7 billion in revenue in 2023.
It partners with independent insurance agencies, providing M&A capabilities, capital solutions and resources and expertise to help them grow and perform.
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