WTW acquires Invoice Cover

WTW, the global advisory and broking firm, has expanded its foothold in the Canadian trade credit insurance market through the acquisition of Invoice Cover, a Québec-based firm specializing in trade credit solutions. The deal, finalized in December 2025, aims to bolster WTW's brokerage capabilities in Canada as part of its strategic expansion in North America.

Invoice Cover, established in 2019, brings expertise in receivables protection and counterparty risk, as well as solutions related to political risk and working capital finance. Although the financial terms of the acquisition were not disclosed, WTW has emphasized the strategic importance of integrating Invoice Cover's operations into its existing structure. David Lousky, president of Invoice Cover, will join WTW as the growth leader for credit risk solutions in Canada, headquartered in Montreal.

The acquisition aligns with WTW's broader strategy to enhance its trade credit platform, particularly in the natural resources sector with a focus on credit and political risk. This move also supports WTW's plan to introduce ProfitGuard, its in-house credit reporting agency, to the hard commodity sector in Canada. The firm's North American expansion has been underscored by previous acquisitions including Detroit-based Global Commercial Credit (GCC) and CFS International, an LA-based trade credit insurer.

WTW's acquisition spree underscores a commitment to constructing a leading presence in the North American trade credit insurance market, amidst growing demand for comprehensive risk solutions. The company’s strategy reflects an increased focus on diversifying its portfolio and strengthening its competitive position against other major players in the sector, who are equally vying for market share in a rapidly evolving landscape.

Looking ahead, WTW's successful integration of Invoice Cover and its plans for further development in credit risk and trade finance could significantly alter the competitive dynamics in Canada. Nonetheless, the full impact on the market will depend on how effectively WTW leverages its new assets while addressing any regulatory or operational hurdles that may arise during this expansion phase.