Past Investments
JEVCO Insurance Company
Established in 1980, JEVCO Insurance Company was a Quebec-based, Canadian property and casualty (“P&C”) insurer that operated business across Canada. JEVCO conducted business in Canada through a network of 2,200 independent brokers. JEVCO was the leading provider of Motorcycle and recreational vehicle insurance in Canada and leading non-standard automobile insurer in Ontario.
In March 2010, Westaim completed its opportunistic acquisition of JEVCO Insurance Company for ~$260 million. Over the following months, Westaim set out to execute its long-term strategic plan to grow JEVCO organically and through acquisitions.
In response to an unsolicited offer, in September 2012, Westaim sold JEVCO to Intact Financial Corporation for ~$530 million, and subsequently returned substantially all of the proceeds of the sale to its shareholders.
Skyward Specialty
In 2014, Westaim funded and established a limited partnership controlled by Westaim in order to complete the acquisition of a majority interest in Houston International Insurance Group, Ltd. (“HIIG”) (renamed to Skyward Specialty Insurance Group, Inc. (“Skyward Specialty”) in November 2020) for US$75.7 million (Westaim share). Skyward Specialty was a rapidly growing specialty insurance company, delivering commercial property and casualty products and solutions on a non-admitted and admitted basis. Today, Skyward Specialty operates through eight underwriting divisions, including Accident & Health, Captives, Global Property, Industry Solutions, Professional Lines, Programs, Surety and Transactional E&S.
In January 2015 Westaim made a follow-on investment in Skyward Specialty of US$50.6 million to complete a bolt-on acquisition and in April 2020, the Company, with other Skyward Specialty shareholders, participated in a US$100 million rights offering of preferred shares, with Westaim purchasing its pro rata share of US$44 million.
On January 18, 2023, Skyward Specialty completed an initial public offering (“IPO”) and listed its shares on the Nasdaq Global Select Market under the ticker symbol “SKWD”. From June 2023 to September 2024, Westaim monetized its interest in Skyward Specialty, generating strong returns and tax efficient gains.