MONTREAL – Quebec pension fund manager La Caisse de depot is investing $8 million in commercial insurance broker, BFL Canada.
La Caisse says the long-term funds will help the broker grow its presence, with a focus on acquisitions.
“With this funding, we are supporting a company that capitalizes on innovative partnership practices to succeed in a competitive market,” said Normand Provost, executive vice-president of private equity at La Caisse.
BFL Canada has nearly 500 employees and is the largest employee-owned and operated risk management, insurance brokerage and employee benefits services firm in Canada.
La Caisse manages and invests funds for public and private pension and insurance plans in Quebec. As of Dec. 31, it had $200.1 billion in net assets.