Winnipeg-based property and casualty insurer Wawanesa Mutual Insurance Co. on Wednesday announced formal closing of its previously announced agreement to purchase Western Financial Group and Western Life Assurance from Desjardins Financial Corp., a subsidiary of Lévis, Que.-based Desjardins Group.
The purchase by Wawanesa subsidiary Trimont Financial Ltd is valued at approximately $775 million and includes Western’s primary business units: its brokerage network, Western Financial Group Insurance Solutions and Western Life Assurance.
“Our investment reflects our commitment to making sure local brokers remain a strong presence in communities across Canada,” says Jeff Goy, Wawanesa’s president and CEO, in a statement.
Western’s brokerage network will continue to operate under the Western name, Wawanesa says, and will continue to offer products from a wide range of insurance providers.
“There are no plans to close or relocate any of Western’s existing 157 brokerage locations or affiliates,” Wawanesa says in its announcement.
Kenny Nicholls, currently serving as interim president of Western Financial Group – Western’s property & casualty operations – has been named president and CEO of this entity in a permanent capacity.
Read: Wawanesa unit to acquire Western Financial, Western Life from Desjardins Group