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Monday, April 15, 2024

BRP unit forays into Canada’s residential rental market  

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 models 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 includes collaborating with insurance coverage carriers to design merchandise which might be distributed by means of a community of brokers, brokers and expertise companions.  

To ascertain a foothold in Canada, MSI is partnering with Summit Industrial Options (Summit), a Canadian business 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, gives 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 important milestone for MSI as we develop our operations internationally. With deep experience within the residential rental market and a confirmed mannequin within the US, MSI is effectively positioned to fulfill the wants of the rising renters insurance coverage market in Canada and supply helpful options for customers and property managers on this market. 

“Summit’s and MSI’s collaboration is the best method to rapidly present and scale an answer to fulfill this client 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 essential within the Canadian residential rental market. We stay up for being on the forefront of this enterprise.” 

Lately, BRP agreed to divest its wholesale E&S (extra and surplus) insurance coverage brokerage, Related 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 owners insurance coverage, for an undisclosed sum. 

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