Western Financial Group (Western) has announced its acquisition of Huestis Insurance and Associates (HIAL).
Following an initial investment in HIAL in 2021, Western closed a deal to purchase the remaining shares of HIAL effective May 1, 2023, the company said in a press release.
The transaction bolsters Western's service offering to the Maritimes, with physical locations in New Brunswick, Nova Scotia, and Prince Edward Island.
HIAL's leadership is remaining on board, with David Huestis as the executive advisor to the president and CEO, and Troy Bohan, vice president, sales and operations, leading the entire brokerage group.
Based in Saint John, New Brunswick, HIAL was founded in 1966. It is the largest brokerage group in the Maritimes, with 27 branches in New Brunswick, Nova Scotia, and Prince Edward Island. It bills itself as a traditional brokerage that offers full service to customers in personal, commercial, life and health insurance lines.
According to the press release, the deal is an “excellent fit” for both firms as “both companies share important values and a strong focus on exceeding customer expectations, putting our customers and people first, and emphasizing community relationships and social responsibility.”
Western now owns and operates insurance brokerages from coast to coast, with a team of more than 2,000 people in over 200 locations.
One of the largest insurance brokerages in Canada, Western is headquartered in High River, Alberta. It is a subsidiary of Trimont Financial Ltd., a subsidiary of The Wawanesa Mutual Insurance Company.
Representatives from Western's executive leadership team met with HIAL employees in New Brunswick, Nova Scotia, and Prince Edward Island in early May to introduce themselves, respond to questions, and get to know more about how they carried out their business.
“It was great to go into the branches and talk with HIAL employees,” said Kenny Nicholls, president and CEO, Western Financial Group. “They are a positive and hard-working group. We are all looking forward to a successful future together.''
While in Saint John, David Huestis, executive advisor to the president and CEO, and Nicholls made a $5,000 donation to the Salvation Army and another $5,000 donation to Bobby's Hospice on behalf of the newly expanded Western Financial Group.
“Both HIAL and Western strongly believe in supporting our communities,” said Huestis. “We were pleased to join together in giving back to these two worthy causes.”
“Both companies have a long history of providing insurance expertise, serving the communities where our employees and their families live, work and play,” he added. “We are excited about this solid partnership that will benefit all our Maritime customers.”
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