How two new deals changed the brokerage landscape this week
Two significant deals happened this week in the broker/managing general agents space, with Synex Business Performance announcing a strategic partnership with Ontario-based FSB Group Ltd., and Totalis Program Underwriters acquiring CHES Special Risks Inc.
Synex acquires FSB
Synex is a Canadian consolidator founded in Quebec in 2020, operating under the brands Synex Insurance and Synex Group Solutions. It is majority-owned and led by Quebec interests and now includes 24 brokerage firms specializing in commercial and personal property and casualty insurance, group insurance, and financial services.
Synex’s partnership with FSB follows investment in 2025 from CDPQ and Ares Management Credit funds, two prominent institutional investors that joined Synex as minority shareholders.
FSB is an independent brokerage founded in 1985 and headquartered in Concord, Ont. It has more than 115 employees, and brokers and manages more than $125 million in premiums. FSB offers personal, commercial, and high-net-worth insurance solutions.
“This strategic partnership not only strengthens Synex’s position in the Toronto market but also represents Synex’s continued commitment to expanding its footprint across Canada while leveraging the new resources and expertise provided by its partners,” Synex states in a release.
“This partnership with FSB is fully aligned with our vision: building a strong and independent national group that empowers local brokerages to thrive,” says Yan Charbonneau , chairman of the board and chief vision officer of Synex. “We are delighted to welcome the FSB team to the Synex family. Their exceptional reputation and client-first approach are key strengths as we continue our development across Canada.”
In other news: What insurance underwriters earn in 2025
Totalis partners with CHES
Also this week, Seattle-based Totalis Program Underwriters, an underwriting platform providing specialty expertise and solutions for challenging and underserved areas of the market, acquired Canadian MGA CHES Special Risks Inc.
Totalis consolidates specialty underwriters into a single integrated platform, offering niche specialty solutions across many industries with a full suite of services, including underwriting, product development and distribution. Totalis is led by Tom Gillingham, head of Programs at NFP, and includes 17 distinct programs representing $750 million in annual gross written premium.
Since 2004, CHES has provided underwriting expertise to Canadian insurance brokers, with offices in Toronto, Ottawa, Vancouver, Quebec City and Montreal. It offers many different coverages including, among others, commercial property, liability, E&O, construction, jeweler’s block, and commercial auto.
Gary Hirst, CEO of CHES, will join Totalis as a senior vice president and report to Tom Gillingham, president of Totalis.
“We’re excited to welcome Gary and the CHES team to Totalis,” Gillingham says of the deal. “With the addition of CHES capabilities to the Totalis platform, we’re strategically positioned to expand our North American presence with MGA services for our Canadian clients. These new capabilities will complement our existing retail benefits and P&C operations in the country.”
