A consortium led by Ethos Capital, alongside British Columbia Investment Management and White Mountains Insurance Group, has acquired an ownership stake in North American insurance brokerage BroadStreet Partners.

Ontario Teachers’ Pension Plan, which first acquired a majority stake in BroadStreet in 2012, will retain a significant co-control position and continue to back the company’s growth alongside the new investor group. Ontario Teachers has been instrumental in BroadStreet’s rise to become one of the leading private brokerages in North America, now operating across all 50 US states and all 10 Canadian provinces.

BroadStreet, known for its unique co-ownership structure, partners with leading independent insurance agencies—its Core Agency Partners—across the continent. More than 800 employees hold equity stakes within their agencies, reinforcing the firm’s decentralised growth model.

The strategic investment aims to fuel BroadStreet’s next phase of expansion, with a focus on scaling digital transformation and technology capabilities across its network.

Advisory firms on the transaction included Ardea Partners as lead financial adviser, with RBC Capital Markets and BMO Capital Markets acting as co-advisers. Legal counsel was provided by Latham & Watkins and Torys for Ontario Teachers and BroadStreet, Kirkland & Ellis for Ethos Capital, Debevoise & Plimpton for BCI, and Cravath, Swaine & Moore for White Mountains.

This latest deal underscores the continued appetite among private equity firms for resilient, growth-focused insurance platforms in North America.

Source: Ontario Teachers’ Pension Plan