James Richardson & Sons, Limited (“JRSL”) announced that it has formed an agreement with Parris & Heimbecker, Paterson Global Foods and Cargill Ltd to obtain full ownership of
Wynward Insurance Group.
Prior to this agreement, a subsidiary of JRSL owned 55% of Wynward and was its largest shareholder.
JRSL hopes to take advantage of Wynward’s recent strategic growth and development initiatives, as well as their positioning in the market.
“We are proud of our long history and association with P&H, Paterson Global and Cargill,” Hartley Richardson, president and CEO of JRSL said in a statement. “Over the past four years, Wynward has entered a new phase of growth, with a renewed business strategy, a talented and energetic leadership team and improved operating fundamentals. We believe our 100% ownership of Wynward will provide increased opportunities in the markets Wynward serves across Canada.”
In addition, corporate leadership believes that this transaction will enhance the longstanding partnership that has existed between the companies since the 1800s.
“Our Firm’s involvement in the insurance business dates back to 1870 through an agency contract with the Royal Exchange,” said Richardson. “The timing was right to execute a transaction that benefits all four companies and their shareholders. Today’s announcement is a major milestone for Wynward, and we look forward to our alliance with an industry leader in growth, profitability and community engagement.”
Wynward is optimistic that this transaction will be advantageous for brokers.
“Our new ownership structure provides us with another opportunity to build upon our unique customer value proposition, reinforces our commitment to the broker channel, and enhances our competitive position in a very dynamic market," said Wynward president and CEO Darryl Levy.
