Subsidiary of Winnipeg-based Wawanesa buys Western Financial, Western Life for $775M
A auxiliary of Wawanesa Mutual Insurance Company announced Thursday it is appropriation Western Financial Group and Western Life Assurance from Quebec-based Desjardins Group in a understanding value $775 million.
Wawanesa, creatively founded in Wawanesa, Man. and headquartered in Winnipeg, has offices opposite Canada and a United States.
Its auxiliary Trimont Financial, a organisation that specializes in period formulation and investments, is purchasing a Desjardins Group companies, collectively famous as Western, according to a news release.
Western Financial Group is formed in High River, Alta., while Western Life Assurance operates out of Winnipeg.
Western employs some-more than 1,700 employees and has 157 bureau locations and affiliates in B.C., Alberta, Saskatchewan, Manitoba and Quebec.
Thursday’s recover pronounced there are no skeleton to tighten or immigrate any of Western’s existent brokerage locations.
“Wawanesa has a prolonged story of ancillary a success of word brokers, and this investment reflects a continued joining to a attorney channel,” pronounced Wawanesa president and CEO Jeff Goy in a news release.
“Today’s proclamation will safeguard that Western Financial Group stays a trusted, informed internal attorney in communities opposite western Canada.”
Wawanesa reports $3 billion in annual revenues and resources of some-more than $9 billion, creation it one of a largest skill and misadventure word companies in Canada.
The transaction, approaching to tighten after this year, is still theme to regulatory approval.
Article source: http://www.cbc.ca/news/canada/manitoba/wawanesa-desjardins-group-1.3986300?cmp=rss