Ellipse Insurance announced Wednesday it has acquired the personal insurance portfolio of Synex Auto Habitation, expanding its presence in Québec’s property and casualty insurance market.
The deal marks another step in Ellipse Insurance’s growth strategy since its launch in 2024, which combines organic expansion with targeted acquisitions. Patrice Jean, president of Ellipse Insurance, said in a statement that the transaction is intended to deepen the company’s reach in the Montréal market.
“This acquisition of Synex Auto Habitation’s portfolio is strategic for Ellipse. It enables us to significantly strengthen our presence in the Montréal market while reinforcing Ellipse’s position as a major player in property and casualty insurance in Québec,” Jean said.
Employees from Synex Auto Habitation are expected to join Ellipse’s network following the transaction.
For Synex Assurance, the sale aligns with a broader shift toward commercial insurance. Yan Charbonneau, president of Synex Assurance, said the decision was driven by the need to find a partner able to serve existing clients without disruption.
“Our strategic plan in Québec focuses on concentrating our efforts on the segments where we generate the greatest value and where growth prospects are the strongest. That said, it was essential for us to partner with an organization capable of ensuring rigorous continuity for our clients while recognizing the value of our teams. Ellipse emerged as a natural partner,” Charbonneau said.
Ellipse describes itself as a hybrid firm offering property and casualty insurance and financial services, with operations on both sides of the St. Lawrence River.
The announcement comes amid a period of significant consolidation across the Canadian property and casualty insurance sector. Definity Financial Corp. completed its acquisition of the personal insurance business and the majority of the Canadian operations of The Travelers Cos. in a deal valued at $2.4 billion – positioning Definity as one of the top five P&C insurers in Canada.
