The sale of Western Financial Group to Wawanesa Mutual Insurance Company and Trimont Financial has officially closed. To mark the occasion, staff and guests of Western Financial have held a celebration with hopes that the sale will boost the brokerage’s presence in the market.
The celebration was held at Western Financial’s head office in High River.
President and CEO Kenny Nicholls told High River Times that, thanks to the sale, it would be a “year of celebrations.”
Search and compare product listings for Business Insurance from specialty market providers here
“Hopefully, you’ll start hearing about Western more and more,” Nicholls said. “We had kept ourselves silent for a number of years but now we’re back on the track.”
Western Financial Group, previously a subsidiary of
Desjardins Group, managed to increase its value through a series of acquisitions between 2011 and 2017. These purchases included the 2013 buyout of Coast Capital Insurance Services and acquisition of Falkins Insurance Group.
According to High River Times, the transaction value of the sale to Wawanesa and Trimont was $775 million. When Desjardins first purchased Western Financial in 2011, the deal closed at $443 million.
Nicholls explained that under Wawanesa and Trimont, Western will continue to make waves in the industry.
“Things are changing a lot; the insurance industry is turning to technology. We need to be there,” he explained. “I don’t want to be a spectator in this parade. “
“Because of our size, we need to be extremely influential and we need to be a leader,” he added.
A press release said that the transaction includes Western’s brokerage network, Western Financial Group Insurance Solutions, Coast Capital Insurance Services and Western Life Assurance. The release also said that Western’s brokerage network will continue to operate under the Western name and will continue to offer products from a variety of insurance providers.
There were no plans announced regarding the closure or relocation of any of Western’s existing 157 brokerage locations or affiliates.
Related stories:
Winter of discontent for Desjardins
Desjardins plans to expand beyond Quebec
