— Matthew F. Power, President, One80 Intermediaries
One80 has been very effective in establishing our capabilities throughout the United States. In fact we now have offices in 21 locations throughout the country with a robust, domestic acquisition pipeline in place for the remainder of the year. That said, our growth strategy is focused is on building long term value and there has been a significant interest in expanding beyond the United States given the right opportunity and market conditions.
We feel that currently, our economy is functioning at one of the most changing and dynamic levels in history providing One80 with an optimal environment for global expansion. We are focused on building deep specialist capabilities in order to meet the changing needs of our retail brokers. And as new business models and technologies emerge, the need for specialization within our industry is clearly heightened in both the US and Canada.
With that, One80 today announced the acquisition of Strategic Underwriting Managers, Inc. (SUM), a Canada based Managing General Agent for property, casualty and other specialty insurance products. With offices in Toronto, Montreal, and Lachine, QC, SUM works collaboratively with best-in-class insurers and reinsurers to design, underwrite and deliver market leading insurance products to brokers throughout Canada. We are confident that together, we will further support our brokers on both sides of the border.
While One80’s immediate focus will be to support the SUM team in the continued expansion of their business, we continue to seek well run businesses that are looking to join One80’s broad distribution platform – and are open to potential investment opportunities in the UK and Europe as a next step.
I very much look forward to our partnership with SUM as together we will continue to focus on market leading service, innovative products and market access for new and existing clients in the US and Canada. One80 Intermediaries, a new direction in specialty insurance.