Synex: Gaining Ground Without Losing Its DNA

Founded in Québec City in 2020, Synex swiftly became one of Canada’s largest independent insurance brokerage networks. The company now has a workforce of approximately 1,100 employees in more than 70 offices across the country. It also operates in France and on the island of Mauritius. Specializing in damage and group insurance, Synex serves a commercial clientele with complex needs.

Initially solidly established in Québec, the company fast-tracked its national expansion over the past few years, particularly in Ontario, the Atlantic provinces and Western Canada. This growth indicates a clear determination to bring together the finest insurance expertise within the same network while addressing the realities of the markets in which the company’s clients operate.

“Our efforts are focused on Synex’s Canadian presence, which should be in line with the insurance sector, i.e. with 40% of business activities concentrated in Ontario”
— Yan Charbonneau, President and Chief Vision Officer of Synex

Maintaining the Strengths of Each Firm

Rapid growth poses challenges for any organization. For Synex, the challenge is to preserve the close client ties that underpin the reputation of each firm that makes up its network. The company’s business model is based on integration, rather than on direct consolidation. Thanks to this approach, Synex is able to maintain trust-based relationships with its clients—an essential quality in a sector in which needs are often specialized.

“Our goal is not just to carry out multiple acquisitions, but also to build a network of entrepreneurs and cutting-edge expertise in which proximity and autonomy benefit from Synex’s collective strength,” says Yan Charbonneau.

For clients, this model combines the advantages of a local firm with those of a major network. Each acquisition enriches Synex’s pool of expertise, particularly in the areas of risk management, engineering and cybersecurity, enabling its teams to meet increasingly varied needs.

Developing an International Model

After stepping up its presence in Canada, Synex is now pursuing the path of international growth. This expansion reflects the company’s commitment to reproducing in other francophone markets the conditions that have contributed to its success. It was on that basis that the company decided to set up operations in France, where its business culture and entrepreneurial approach have generated a positive response (Synex now has various offices throughout the country).

In the increasingly consolidated French market, Synex sees growth opportunities in line with its business model and long-term vision. The company’s operations in France provide a strategic jumping-off point for exploring other European opportunities. Smooth trade flows within the European Union are opening the door to new markets and reinforcing the company’s ability to keep expanding while remaining true to its DNA.

With the Right Partners, You Can Go Farther

An acquisition-based growth strategy requires more than just capital. It also requires access to information, expertise and a network of partners able to provide a different perspective.