Warburg Pincus Makes Majority Investment in Canada’s SCM Insurance

Private equity firm Warburg Pincus made a majority investment in SCM Insurance Services, the privately owned Canadian insurance services provider said on Thursday.

SCM did not disclose financial terms but said the investment would help grow its business in Canada and the United States, which it entered in May.

The deal marks Warburg Pincus’ second investment in Canada since 2016 when it invested in oil and gas company MainSail Energy. The firm also has stakes in Canadian oil sands companies MEG Energy Corp and Osum Oil Sands Corp.

(Reporting by Anirban Paul in Bengaluru; editing by Bernard Orr)