Westland Insurance Announces Partnership with Blackstone Credit

SURREY, British Columbia, Jan. 12, 2021 (GLOBE NEWSWIRE) -- Westland Insurance Group Ltd. ("Westland") is pleased to announce that it has entered a partnership with Blackstone Credit ("Blackstone"). Westland has refinanced its existing debt with a new long-term debt financing led by Blackstone, which includes a committed and undrawn debt facility for acquisitions. Blackstone Credit, one of the world's largest credit-focused asset managers, invests in a wide range of companies across sectors and geographies.

"We are very excited to be partnering with Blackstone Credit," said Jamie Lyons, President & Chief Operating Officer of Westland Insurance. "Through this partnership, we are extremely well-positioned to accelerate our organic and inorganic growth strategy and to accomplish our goal of becoming Canada's leading insurance brokerage. The Blackstone partnership allows us to continue investing in our employees, communities, and product offerings while remaining a family-owned, independent, and proudly Canadian company."

The transaction closed on January 5, 2021. Terms of the transaction were not disclosed. KPMG Corporate Finance Inc. acted as exclusive financial advisor to Westland.

About Westland Insurance Group

Westland Insurance Group is one of the largest and fastest-growing independent property and casualty insurance brokers in Canada. With a national network of over 150 locations and 1,700 employees, the company continues to expand coast to coast. Westland's brokers provide expert advice to home, business, farm, life, and auto insurance clients. Since its founding in 1980, Westland has remained a family-owned company that is committed to supporting its local communities. For more information, please visit westlandinsurance.ca

About Blackstone Credit

Blackstone Credit is one of the world's largest credit-focused asset managers, with $135 billion in AUM. They seek to generate attractive risk-adjusted returns for their clients by investing across the entire corporate credit market, from public debt to private loans. Their capital supports a wide range of companies across sectors and geographies, enabling businesses to expand, invest, and navigate changing market environments. Blackstone Credit is a division of Blackstone. For more information, please visit blackstone.com

Media Contact:
Westland Insurance Group Ltd.
Cari Watson, VP Customer Experience
604-543-7788
[email protected]
www.westlandinsurance.ca