Synex Business Performance

What Synex Business Performance does

Synex Business Performance is a privately held Canadian insurance brokerage consolidator headquartered in Quebec City, Quebec. Founded in 2020 by Yan Charbonneau, Sébastien Pelletier, and Jean-Sébastien Larivière, the company acquires majority stakes in independent property-and-casualty and group-benefits brokerages while preserving each firm's local brand, leadership, and customer relationships. The platform operates two main sub-brands — Synex Assurance for P&C and Synex Solutions Collectives (now extended through Synex | Protexio) for group benefits — and had grown to over 20 independent brokerage firms, nearly 1,000 employees, and CAD $1.5 billion in annual premium volume by mid-2026. Geographic footprint spans Quebec, Ontario, Alberta, and Atlantic Canada, with a first international expansion into France in March 2026 via the acquisition of FMA Group.

The revenue model is transaction-based insurance brokerage commissions earned on policies placed with carriers across the member firm network. Pricing is quote-based and not publicly disclosed; revenue scales with premium volume, mix between P&C (higher commission rates of roughly 12–15%) and group benefits (lower rates of roughly 4–8%), and specialty placements where Synex's network memberships (Canadian Broker Network, Intersure, UnisonSteadfast) extend access. In April 2025 the company completed a minority recapitalization with CDPQ (La Caisse) and Ares Management Credit funds to fund a stated goal of doubling the company's size. Recent strategic actions include the April 2026 transfer of its personal lines book (Synex Auto Habitation) to Ellipse Assurances to focus on commercial P&C and group benefits, where management views growth and margin potential as strongest.

The technology stack is described as an "insurance brokerage platform" with no disclosed proprietary features, AI capabilities, or named technology products beyond third-party broker management systems (e.g., Vertafore, recognized via Sharp Insurance's Kealy Award). Customer concentration is low — Synex serves individuals, SMBs, mid-market commercial accounts, and high-net-worth clients across diverse industries including transportation, logistics, and group benefits for employers — with no single named enterprise anchor disclosed.

Name

Synex Business Performance

Legal name

Synex Performance d'affaires

Website

https://synexcorp.com

Company type

Private

Founded year

2020

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Synex Business Performance is a Quebec-based consolidator that acquires and operates a network of 20+ independent property-and-casualty and group-benefits insurance brokerages across Canada, serving individuals, businesses, and employers with $1.5B CAD in annual premium volume.

Ownership category

akta.pro rank

Headquarters

HQ city

Quebec

HQ country

Canada

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Others

Revenue model

1. Insurance brokerage commissions: Synex generates revenue through its network of independent insurance brokerages by earning commissions on insurance policies placed with various insurers. The company operates under brands including Synex Assurance (property and casualty insurance) and Synex Solutions collectives (group benefits and pension solutions).

Go-to-market motion2 records

Distribution channels3 records

Marketing channels2 records

Core offering

Synex Business Performance is a Canadian insurance brokerage consolidator that acquires and supports independent property & casualty and group benefits insurance brokerages across Canada and France. Operating under the Synex Assurance (P&C) and Synex Solutions Collectives (group benefits) brands, the company provides its 20+ member firms with shared resources, expertise, technology, and a national platform while preserving their local identity and entrepreneurial autonomy. Revenue is earned through commissions on insurance policies placed with insurers.

Product overview

Synex Business Performance is a Canadian insurance brokerage consolidator operating under two main sub-brands: Synex Assurance (property and casualty insurance) and Synex Solutions collectives/Synex | Protexio (group benefits and pension solutions). The platform brings together over 20 independent brokerage firms across Canada through acquisition, including Invessa, Go To Insure, Sharp Insurance, Armour Insurance Brokers, FSB GROUP, BMB Assurances, Alliance Avantages Sociaux, and FMA Group in France. The model preserves local brokerage autonomy while providing shared resources, technology, and expertise through the national platform.

Differentiator

Problem solved

Functional benefit

Brands

• Safe Bound: Affiliated brand of Armour Insurance Brokers Ltd., developed through strategic partnerships to expand reach in key market segments.
• Sonic Insurance

Products and services

• Synex Assurance

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

15 partnerships are on record, tiered major, core and minor.

• InterventifmajorStrategic or Co-development Partner · 2 June 2026Acquisition of Interventif, a company specializing in organizational well-being, human support, and workplace stress prevention. Integration with Synex | Protexio enhances group benefits offering with a more human-centered, proactive approach.
• Armour Insurance Brokers Ltd.majorStrategic or Co-development Partner · 7 May 2026Majority investment in Armour Insurance Brokers Ltd., an Ontario-based brokerage specializing in commercial insurance, particularly in transportation. Based in Mississauga, Greater Toronto Area, with affiliated brands Safe Bound and Sonic Insurance.
• Ellipse AssurancesmajorStrategic or Co-development Partner · 8 April 2026Strategic transfer of Synex Auto Habitation's personal insurance portfolio to Ellipse Assurances. This decision reflects Synex's strategy to focus on commercial/business insurance while Ellipse strengthens its presence in Montreal market and property/casualty capabilities in Quebec.
• FMA GroupcoreStrategic or Co-development Partner · 5 March 2026Synex acquired majority stake in FMA Group, a leading independent multi-specialist insurance broker in France. This marks Synex's first international expansion with FMA Group bringing over 250,000 insured clients, 2,500+ distribution partners, and €45M+ in revenue. Ludovic Dumont continues as President overseeing pan-European development.
• FSB GROUP (FSB Insurance Ltd. and FSB Commercial Ltd.)majorStrategic or Co-development Partner · 9 April 2025Strategic partnership with FSB GROUP, one of Toronto's leading independent insurance brokerages. Founded in 1985, FSB has 115+ employees and brokers managing $125M+ in premiums, serving personal, commercial, and high-net-worth clients. First partnership following CDPQ/Ares investment.
• BMB AssurancesmajorStrategic or Co-development Partner · 12 February 2025Strategic partnership with BMB Assurances, a recognized firm in Montérégie region specializing in personal and commercial insurance. Founded in 1930 with over 85 years of insurance expertise, becoming Synex's 21st partner firm.
• Hope Grant Insurance (J.M. & C.W. Hope Grant Ltd.)minorStrategic or Co-development Partner · 3 March 2022GTI Brokers Group acquired Hope Grant Insurance, a commercial and personal insurance brokerage in St. John and Fredericton, NB. Founded in 1870, serving thousands of clients in southern New Brunswick.
• GoTo Benefits (GTB)majorStrategic or Co-development Partner · 28 September 2021Acquisition of GoTo Benefits, a recognized group insurance firm in Atlantic Provinces. First financial services acquisition in Atlantic Canada, synergistic with GTI property insurance operations.
• Innov-MédicmajorStrategic or Co-development Partner · 8 June 2021Acquisition of Innov-Médic Inc., a successful group insurance firm in the greater Quebec City area. Founded in 2011, specializing in employee benefits, recruitment and retention strategies.
• Sharp InsurancemajorStrategic or Co-development Partner · 7 April 2021Majority acquisition of Sharp Insurance, Alberta-based independent brokerage adding $75M premium volume. One of Canada's fastest-growing brokerages, recognized as Canada's #1 brokerage by Insurance Business Magazine, leveraging digital technology.
• Go To Insure (GTI)majorStrategic or Co-development Partner · 30 March 2021Acquisition of Go To Insure (GTI), major insurance provider in Atlantic provinces. 130+ employees across 19 locations in Nova Scotia, New Brunswick, and Newfoundland and Labrador managing $85M+ in premium volume.
• InvessamajorStrategic or Co-development Partner · 12 January 2021Acquisition of Invessa, a leading independent brokerage specializing in property and casualty insurance for businesses and individuals. Laval-based with 70+ employees, $50M premium volume, recently won Vertafore's Kealy Award for technology excellence.
• Canadian Broker Network (CBN)coreStrategic or Co-development PartnerSynex is an executive member of the Canadian Broker Network, strengthening its presence across Canada and providing access to a consortium of leading independent insurance brokerages.
• Intersure (U.S. network)coreStrategic or Co-development PartnerSynex is a member of the Intersure network in the United States, expanding its cross-border capabilities and international reach.
• UnisonSteadfast (global network)coreStrategic or Co-development PartnerSynex is a member of the global UnisonSteadfast network, providing international visibility and network connections for cross-border insurance solutions.

Scale indicators6 records

Recent moves8 records

Expansion highlights6 records

Others

• Aon Canada:

Direct peers

• Acera Insurance: Canadian employee-owned brokerage consolidator formed from the merger of CapriCMW and Smith Lyons. Competes directly with Synex for independent brokerage acquisitions across Canada, particularly in commercial and specialty lines.
• Westland Insurance Group: Western Canada-focused independent brokerage consolidator owned by the Hill Family. Competes with Synex for the same pool of independent P&C brokerages across Canada and pursues a similar decentralized brand-retention model.
• Navacord: Canadian insurance brokerage consolidator backed by Capital Z Partners. Direct comparable in the Canadian P&C and commercial insurance consolidation space with similar tuck-in M&A strategy and founder-friendly partnership model.
• BrokerLink: Canada's largest independent insurance brokerage consolidator with a coast-to-coast footprint across P&C and life. Direct competitor for Synex in acquisition-driven consolidation of independent Canadian brokerages, with similar dual-line P&C and group benefits offering.
• BFL Canada: Canadian employee-owned commercial insurance brokerage with strong specialty expertise (construction, energy, entertainment, marine). Comparable to Synex in commercial P&C focus and specialized industry capabilities.
• Cowán Insurance Group: Canadian employee-owned brokerage offering commercial, personal, group benefits, and retirement solutions. Comparable to Synex in multi-line independent brokerage positioning with a focus on Canadian owner-operated businesses.

Broad incumbents

• Arthur J. Gallagher & Co. (Canada): Global insurance brokerage powerhouse with substantial Canadian operations. Overlaps with Synex across P&C and group benefits but offers a much broader portfolio including risk management, consulting, and international capabilities that Synex is still building.
• Marsh Canada: Subsidiary of Marsh McLennan and one of Canada's largest commercial insurance brokers. Competes with Synex for enterprise and specialty commercial risks but operates at much larger scale with global resources.
• Hub International: Global insurance brokerage with significant Canadian operations across P&C, life, and employee benefits. Competes with Synex for mid-market and commercial clients and pursues a similar acquisition-driven growth strategy in Canada.

Market position

Strengths1 record

Weaknesses1 record

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/synexcorp

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Subsidiaries15 records

Funding overview

Funding rounds3 records

Investors3 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Synex Business Performance