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Straits Times
11 hours ago
- Politics
- Straits Times
New ways are needed to deal with accelerating change
Sultan Nazrin Shah, Sultan of Perak, delivering a keynote address during day two of ICCS at Raffles City Convention Centre on June 25. ST PHOTO: LIM YAOHUI SINGAPORE - Countries must find bold new ways to better manage as their societies get continually transformed by technologies such as artificial intelligence, a group of eminent speakers urged on June 25. This need for agile and consultative governance is pressing as the benefits of digitalisation has unfortunately come at a considerable cost, such as the rise of digital echo chambers that feed prejudice and in the propagation of extremist ideologies, said the Sultan of Perak Nazrin Muizzuddin. Delivering the keynote speech at the second day of the annual International Conference of Cohesive Societies, the Sultan said digital transformation of society was one of three interlocking factors that have fuelled uncertainty and challenged social cohesion. 'Our digital spaces, which should be so good at opening doors and minds, are instead responsible for closing them,' he said. 'The very technologies that promise inclusion can entrench exclusion (while) our information ecosystems have become battlegrounds.' The other two factors he cited are the unprecedented pace of international migration due to reasons like climate change and political instability, and the rise in populism and protectionism caused by the unequal outcome from globalisation. At a discussion following the keynote, former Civil Service Head Peter Ho noted how social media has dramatically weakened the ability of governments to regulate information flows, and that misinformation is outpacing states' ability to correct them and control their impact. He referenced a stabbing incident in the United Kingdom that claimed the lives of three young girls in 2024. Far-right groups had stoked speculation online that the suspect was a Muslim migrant, despite the police clarifying that the attacker was born in the UK. This led to targeted attacks on the Muslim community, including a local mosque. Riots also erupted in 27 towns. The incident highlighted the jurisdictional limitations countries have in regulating social media platforms with a global reach, said Mr Ho, who is now a senior adviser at a think-tank, the Centre for Strategic Futures. It is a fool's errand to think that governments alone can regulate technology that is changing so fast and impacting society, he added. Fellow panellist Fadi Chehadé, who is managing partner at investment firm Ethos Capital, sketched out three ways in which AI will only accelerate the reconfiguring of societies. On the point of echo chambers, Mr Chehadé noted that AI will only result in further hyper personalisation of digital content, which could further atomise communities. The advent of AI also promises to multiply by millions of times the amount of misinformation that will be created, said the former president and CEO of the Internet Corporation for Assigned Names and Numbers, a non-profit which coordinates the administration of the web's protocols. Lastly, the years ahead will see AI agents created at a pace that outnumbers the number of humans on the planet, dissolving the line separating the real world from cyberspace, he added. 'That's the world we're getting into, and I don't think any of us - or any government, or any one institution - has the power to slow down the hybrid world we're about to get into,' he said. (From left) Dean of S. Rajaratnam School of International Studies Kumar Ramakrishna, Senior Advisor of Centre for Strategic Futures Peter Ho, and former Mayor of Rotterdam Ahmed Aboutaleb, speaking at Plenary #2 on Navigating Uncertainty during day two of ICCS. ST PHOTO: LIM YAOHUI But rather than look at the future with gloom, the experts sketched out ways in which countries can adapt to deal with the gathering pace of change. Panellist Ahmed Aboutaleb, the former mayor of Rotterdam, recounted his experience building trust between government institutions and citizens, which involved the time-tested approach of spending many evenings and hours engaging in face-to-face dialogue to understand people's needs and concerns. 'What people like is that the man or the woman in power gets to the level of the streets,' he said. Mr Ho called for governments to have the humility to know they need to work closely with the private sector and the people sector, as it is through this 'triangular relationship' that trust can be built up and consensus reached to tackle complex problems such as those brought about by technology. Agreeing, Mr Chehadé said these three groups working together can create a better form of multi-stakeholder governance. This is as the private sector would have to act within checks and balances, governments would not be imposing regulations that are out of sync with the digital world, and civil society and people will have their voices heard, he said. He also called for the legal concept of subsidiarity to apply to the governance of the digital world, which meant that regulations are shaped by each community based on its prevailing cultural norms, rather than for there to be universal standards imposed by distant authorities or bodies. Sultan Nazrin said the temptation during times of such upheaval would be to look to familiar ways of doing things, but that doing so would be a mistake. 'There is a temptation to retreat - to retreat into narrower circles of identity, to hoard privileges and to romanticise a past that, if we are honest and stripped away nostalgia, never was,' he said. Instead, he called for courage and clarity, which in the face of uncertainty 'can become a valuable compass and a crucible for renewal'. Quoting the philosopher Aristotle and singer Dolly Parton, the Sultan said: 'You cannot change the wind, but you can adjust the sails'. Join ST's WhatsApp Channel and get the latest news and must-reads.
Yahoo
10-04-2025
- Business
- Yahoo
Ethos Capital, BCI, and White Mountains to Partner with BroadStreet and Ontario Teachers' to Drive Next Chapter of Growth
COLUMBUS, Ohio & BOSTON & TORONTO, April 10, 2025--(BUSINESS WIRE)--BroadStreet Partners ("BroadStreet" or the "Company"), a leading North American insurance brokerage company, announced today that an investor group led by Ethos Capital ("Ethos"), British Columbia Investment Management Corporation ("BCI"), and White Mountains Insurance Group, Ltd. ("White Mountains"), will acquire an ownership position in BroadStreet. Under the terms of the agreement, Ontario Teachers' Pension Plan ("Ontario Teachers'") will maintain a significant co-control stake and operate in partnership with the Ethos-led investor group. BroadStreet is a leading middle-market insurance brokerage focused on commercial and personal property & casualty and employee benefits. BroadStreet partners with leading independent insurance agencies, known as Core Agency Partners. Complementing its M&A capabilities and capital solutions, the Company provides a vast network of market resources, tools, and expertise to its Core Agency Partners, working alongside them to drive organic growth and improve agency performance. BroadStreet is unique in the market because of its co-ownership model with more than 800 colleagues that own equity in their local Core Agencies. The co-ownership approach creates focused alignment between BroadStreet and its Core Agency Partners around growth and value creation. The partnership with Ethos and its co-investors will support BroadStreet's long-term plans, including its continued investment in technology and digital transformation. Mike O'Connor, Chief Executive Officer, BroadStreet said: "BroadStreet is uniquely positioned as the partner of choice for successful entrepreneurs seeking new avenues for growth. Our differentiated co-ownership model and proven strategy empower our 30 Core Agency Partners to scale their businesses with confidence. For over a decade, the Ontario Teachers' team has been a value-added partner to us. We are excited to continue this collaboration and now join forces with Ethos, BCI, and White Mountains, leveraging their collective expertise to enhance our capabilities and drive sustained growth." Rick Miley, Founder and Board Member, BroadStreet said: "We are proud of the tremendous growth that we have achieved on our journey over the last dozen years with the support of Ontario Teachers'. We now look forward to continuing and strengthening that partnership with the addition of the new Ethos-led investor group. We see tremendous value in being able to tap into the combined expertise of the Ontario Teachers' and Ethos-led teams to the benefit of our Core Agency leaders. By coming together, BroadStreet is taking a significant step forward on our mission to become the preferred home for premier insurance agencies in North America." Ethos Capital invests in seasoned companies like BroadStreet, with proven business models and management teams, which are ready for accelerated growth, sustainable long-term value creation, and enhanced performance. The firm's unique Executive Partner model pairs experienced investors and industry practitioners with the leaders of its portfolio companies, partnering in their growth. Brent Stone, Managing Partner, Ethos Capital said: "BroadStreet has developed a highly differentiated business model – consistently building its expertise and scale through its industry network and a growing set of Core Agency Partners. Our Ethos leadership team and co-investors have significant experience in accelerating growth and long-term value creation for high-performance companies including in the insurance sector. We look forward to partnering with an executive of Mike's caliber and his team to pursue their future growth ambitions." Ontario Teachers' acquired a majority stake in BroadStreet in 2012 and has taken an active role in supporting the organization's growth by focusing on long-term value creation. Under its ownership, BroadStreet has meaningfully scaled the business and become one of the top private brokerages in North America, with a presence in all 50 U.S. states and all 10 Canadian provinces. The business has consistently delivered strong operational performance by leveraging its extensive local relationships and nationwide expertise. Jeff Markusson, Senior Managing Director, Private Capital, Ontario Teachers' and BroadStreet Board Member commented: "BroadStreet has experienced tremendous growth as a result of its unique co-ownership model and strong management team. As we continue to focus on creating long-term value at BroadStreet, we are delighted to bring in like-minded partners with a proven track record in the insurance industry. Ethos and its co-investors share our vision of growing BroadStreet into the premier insurance brokerage company in North America by capitalizing on sectoral tailwinds and accelerating both organic and inorganic growth efforts." Ardea Partners served as lead financial advisor to Ontario Teachers' and BroadStreet, and RBC Capital Markets and BMO Capital Markets served as co-advisors. Latham & Watkins LLP and Torys LLP served as legal counsel to Ontario Teachers' and BroadStreet. Kirkland & Ellis LLP served as legal counsel to Ethos Capital. Debevoise & Plimpton LLP served as legal counsel to BCI. Cravath, Swaine & Moore LLP served as legal counsel to White Mountains. About BroadStreet Partners BroadStreet Partners is an insurance brokerage company headquartered in Columbus, Ohio. The Company invests in select, entrepreneurial, high-performing independent agencies looking for capital support and partnership. With 30 Core Agency Partners, BroadStreet provides ownership opportunities for more than 800 agency professionals across the U.S. and Canada. The company is a top North American private brokerage firm according to Insurance Journal's 2024 Top Property/Casualty Agencies. About Ethos Capital Ethos Capital is a global investment firm that makes majority and minority control investments in middle-market companies, primarily across North America and Europe. The firm's 21 Executive Partners collaborate with its portfolio companies, providing them with a network of resources and expertise to strategically enhance operations and accelerate their growth. For more information, visit About Ontario Teachers' Ontario Teachers' Pension Plan Board (Ontario Teachers') is a global investor with net assets of $266.3 billion as of December 31, 2024. Ontario Teachers' is a fully funded defined benefit pension plan, and it invests in a broad array of asset classes to deliver retirement security for 343,000 working members and pensioners. For more information, visit and follow us on LinkedIn. About BCI British Columbia Investment Management Corporation (BCI) is amongst the largest institutional investors in Canada, with C$250.4 billion in gross assets under management as of March 31, 2024. Based in Victoria, British Columbia, with offices in Vancouver, New York, and London, U.K., BCI manages a portfolio of diversified public and private market investments on behalf of its British Columbia pension fund and institutional clients. BCI Private Equity actively manages a C$31 billion global portfolio of privately held companies and funds with the potential for long-term growth and value creation. Leveraging sector-focused teams in financial services, business services, consumer, healthcare, industrials, technology, media and telecommunications, BCI works with strategic private equity partners to source and manage direct and co-sponsor/co-investment opportunities. Learn more at About White Mountains White Mountains Insurance Group, Ltd. (NYSE: WTM) is a Bermuda-domiciled financial services holding company traded on the New York Stock Exchange and the Bermuda Stock Exchange under the symbols WTM and respectively. Additional financial information and other items of interest are available at the company's web site located View source version on Contacts MediaEthos Capital Prosek PartnersBea Broderickpro-ethoscapital@ BCI Olga Petryckimedia@ Ontario Teachers' Dan Madge/James DeCosimomedia@ Sign in to access your portfolio
