Palladium Insurance Partners with Synex Insurance
Palladium Insurance is pleased to announce an unprecedented strategic partnership with Synex Performance.
Synex Business Performance is a holding company that owns $485 million in premiums with Synex Insurance and $90 million worth of premiums with Synex Group Insurance. Synex owns 16 property and group benefits insurance brokerage firms across Canada. Partnering with Palladium Insurance is Synex’s entry into the Ontario market place, the largest in Canada.
This partnership will provide exciting opportunities for our employees and new employment opportunities as our team grows. It will provide additional services and expertise for our clients and succession options for brokers looking to partner or exit while maintaining their legacy, independence and local, trusted service.
For Palladium’s current and future clients, this partnership means more coverage options, thanks to the increased market reach into more insurance markets offered by Synex. It means enhanced insurance expertise and risk management in the areas of bonding and large commercial specialty niche products and the addition of value added services including an internal claims team to help us better serve and protect our client’s interests and further enhancement and creation of our specialty niche programs.
Part of what makes this partnership a win for everyone involved is that Palladium will continue to be independent, locally owned, and all-Canadian. Our commitment to the communities we live in will become stronger.
"In an ever-changing marketplace, we were seeking a capitalized partner for strategic acquisitions and to continue our unique growth initiatives, while maintaining our continued independence within the broker distribution channel which is now dominated by insurance company-owned consolidators," said Sylvie Forget-Swim, partner and CEO of Palladium Insurance.
"We are very proud to be able to see our future with Palladium. They have built a strong reputation in Ontario based on their know-how and impeccable service," adds Yan Charbonneau, President and Chief Vision Officer of Synex Business Performance.
"We are positioned and ready to develop and acquire brokers in Ontario that mirror our professionalism and growth aspirations," says Tim Snelling, partner and VP of business development for Palladium. "With Synex as our partner we are excited to see our plans take fruition."
Palladium Insurance and its growing family of community driven brokerages has roots within Ottawa and the valley that date back to 1953. As we have grown our footprint in Ottawa, across Ontario and Canada with our niche products, we have stayed true to our corporate values: independence, service excellence, growth, community involvement, and treating our team like family.
We look forward to growing together with our team!
Sylvie Forget Swim, Partner, CEO Partner
Tim Snelling, VP Business Development