Trimont Financial Ltd., a subsidiary of the Wawanesa Mutual Insurance Company, has announced the formal closing of its previously announced agreement to acquire Western Financial Group and Western Life Assurance from Desjardins Financial Corporation.
The deal, valued at approximately $775 million, includes Western's brokerage network, Western Financial Group Insurance Solutions and Western Life Assurance, said the company in a statement issued July 5.
Commitment to local brokers
"I'm very pleased to welcome Western to the Wawanesa group of companies and to reaffirm our commitment to Western's long-term success," said Jeff Goy, Wawanesa's President and Chief Executive Officer. "Our investment reflects our commitment to making sure local brokers remain a strong presence in communities across Canada."
In its announcement, Trimont Financial states that Western's brokerage network will continue to operate under the Western name. It will also continue to offer products from a wide range of insurance providers and there are “no plans to close or relocate any of Western's existing 157 brokerage locations or affiliates. Kenny Nicholls, currently serving as interim President of Western Financial Group…has been named President and Chief Executive Officer of this entity in a permanent capacity,” adds the company.