July 5, 2017 13:30
Photo : Freepik
Trimont Financial Ltd., a subsidiary of the mutual insurance company Wawanesa, has just announced the official completion of the acquisition of Western Financial Group and Western Life from the hands of Desjardins financial Corporation, a subsidiary of the Desjardins group.
The transaction, valued at approximately $ 775 million ($M) encompasses the major business units of Western, its broker network, Western Financial Group Insurance Solutions and Western Life insurance Company-life.
The name of Western Financial Group will be retained
«I am very pleased to welcome Western in the great family of Wawanesa and I take this opportunity to reiterate our commitment to its long-term success,» said president and chief executive officer of Wawanesa, Jeff Goy. Our investment is a concrete manifestation of our desire to see the local brokers remain present in communities across Canada. «
Western will continue to offer a wide range of products to a wide range of insurers and will retain the name of Western Financial Group. Wawanesa does not close or relocate its 157 offices of broker-dealers or affiliates existing. Kenny Nicholls, who currently holds the position of interim president of Western Financial Group subsidiary specializing in property and casualty insurance Western, has been appointed president and chief executive officer of the entity permanently.
A purchaser an ideal, according to Mr. Berthiaume
«We are very pleased to be joining a company that shares our values and the strong links that unite us to the members of the communities we serve, said Kenny Nicholls. Our employees like our clients will benefit from the commitment of Wawanesa in respect of the continuing success of insurance brokers premises. «
For his part, the chief operating officer of the Desjardins group Denis Berthiaume, pointed out that the values of cooperatives and mutuals that Desjardins group sharing with Wawanesa make it a buyer’s ideal for the employees of Western. Mr. Berthiaume was also held to thank the employees of Western » for their dedication and their excellent work «.