Western Financial Group announced on Tuesday that it has doubled its ownership position in Falkins Insurance Group, and has agreed to fully acquire the company by the end of 2013.

Western Financial Group now holds a 40% ownership stake in Falkins, up from 20% previously. Falkins is a general insurance brokerage in south central British Columbia, with 11 offices and more than 100 professional employees.

The companies also agreed on a pathway to provide Western with the ability to acquire full ownership of Falkins by Dec. 31, 2013. The partnership between the two firms dates back to May 2005.

“We are delighted to be able to increase our ownership position today, and are confident that the employees and customers of Falkins will be comfortable with the long term plan to join Western Financial Group,” said Scott Tannas, president and CEO of Western Financial Group.

Falkin’s CEO, Bob McGill, noted that there are numerous similarities in the two companies’ corporate cultures and reputations.

“The two companies are both rural oriented organizations with a high level of customer loyalty developed and nurtured by professional long term employees,” said McGill. “It is truly the ideal business as usual scenario with the same employees and management team operating the Falkins offices and dealing with the customers in their respective communities.”

Western Financial Group provides insurance, financial services and banking services in more than 90 communities in Western Canada, through its network locations, its affiliated insurance brokers, Western Life Assurance Company, Bank West and Western Financial Insurance Company.

IE