Worldsource Insurance Network Inc. (IDC WIN) has acquired the life and health insurance and segregated fund assets of managing general agency AFL Groupe Financier Inc.
Phil Marsillo, president of IDC WIN, said in a Monday press release that the addition of the Quebec City-headquartered MGA’s assets will expand the company’s reach in the province and demonstrate its commitment to Quebec.
“This transaction reinforces IDC WIN’s stated goal to be the primary MGA in the independent advice channel across Canada,” said George Mavroudis, president and CEO of IDC WIN’s parent company, Guardian Capital Group Ltd.
Christian Laroche, president of Quebec operations for IDC WIN, will assume leadership of the AFL-related business. Lyne Lapointe, current executive vice-president at AFL, will provide business continuity to both the team and affiliated AFL advisors.
The transaction closed on Monday.
IDC WIN fared well in this year’s edition of Investment Executive‘s Insurance Advisors’ Report Card.
Among the seven insurance companies surveyed, IDC WIN had the second-highest IE rating. When it came to advisors rating the MGA’s products and support for high-net-worth clients, IDC WIN was tied for second among the four MGAs surveyed.
IDC WIN has added to its product shelf with Monday’s acquisition.