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Trimont Financial to Acquire Western Financial Group and Western Life Assurance

Desjardins Group will continue to focus on the development of its other Canadian distribution networks and partnerships.

Trimont Financial Ltd. – a subsidiary of The Wawanesa Mutual Insurance Company – has agreed to acquire Western Financial Group and Western Life Assurance from Desjardins Financial Corporation, a Desjardins Group subsidiary, for a total transaction value of about $775 million, the companies announced today.

The transaction includes Western’s primary business units: its brokerage network, Western Financial Group Insurance Solutions, Coast Capital Insurance Services and Western Life Assurance. It is subject to standard closing conditions, including regulatory approvals, and is expected to close in the third quarter of 2017.

“Wawanesa has a long history of supporting the success of insurance brokers, and this investment reflects our continued commitment to the broker channel,” said Wawanesa’s President and Chief Executive Officer, Jeff Goy. “Today’s announcement will ensure that Western Financial Group remains a trusted, familiar local broker in communities across western Canada.”

Goy noted that Western’s brokerage network will continue to offer customers a broad range of products from a wide range of insurers and will continue to operate under the Western Financial Group name. There are no plans to close or relocate any of Western’s existing brokerage locations. All of the Western companies will continue their respective regular operations.

“Western is a great organization with a great team behind it. We want to thank them for their commitment and continued hard work. We are also pleased that ownership of Western will remain in the cooperative-mutual sector, given Wawanesa’s shared values and customer focus,” said Denis Berthiaume, Desjardins Group’s Chief Operating Officer. “Within Desjardins, we remain committed to our other distribution networks and partnerships across the country and focused on growth with them,” he added.

Copyright © 2016 Transcontinental Media G.P.
Transcontinental Media G.P.