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Axis Insurance, an independent specialty insurance brokerage, has announced it has received a significant growth investment from funds managed by investment firm, Lee Equity.
According to the announcement, the partnership with Lee Equity, a specialist in investments in the financial services and healthcare industries, strategically positions Axis Insurance for long-term success and growth.
The transaction also complements the brokerage’s existing shareholder base. Axis Insurance founder and CEO, Alex Meier, retained the majority of his equity stake in the company.
Meier commented: “Our team is excited to partner with a seasoned financial services investor with a deep understanding of the insurance industry.
“We have made great strides in building out an exceptional national business. The investment partnership with Lee Equity will provide an incredible opportunity to accelerate our growth and vision to be best-in-class in every category of our industry.”
Mark Mauceri, Partner, Lee Equity, said: “Axis Insurance is an emerging leader in specialty commercial insurance with an impressive track record of growth. There’s great potential for the Company to become a leading, national broker in the Canadian market.”
“We have been highly impressed with the thoughtful approach Axis Insurance has taken to building a market leading business, and we are excited to partner with Alex and the Axis leadership team to capitalise on the many opportunities ahead,” added Mark Gormley, Partner, Lee Equity.
Lee Equity and its principals have a long track record of investing in the insurance sector, including investments in Captive Resources, McLarens, K2 Insurance, Simplicity Group, and Universal American, amongst others.
Smythe LLP served as financial and tax advisor to Axis Insurance on this transaction, with Lawson Lundell LLP acting as legal counsel.
Piper Sandler & Co. served as financial advisor to Lee Equity, and Stikeman Elliott LLP as legal counsel to the investment firm.
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