Managing general agency IDC Worldsource Insurance Network Inc., has strengthened its presence in Alberta and Saskatchewan by reaching an agreement to buy First Prairie Financial Inc. On April 7, the companies announced that they have signed a letter of intent. The transaction is subject to completion of due diligence and the finalization of terms.
"We are very fortunate to have the opportunity to partner with First Prairie. They are a highly ethical and professional organization and one of the top regional MGAs," stated Paul Brown, chairman and CEO of IDC WIN in the announcement.
"We had IDC WIN on the top of our list as a partner for the next stage of our evolution, as we went through the process of finding a national firm with which to integrate," said Ken Aberg, president of First Prairie. "We wanted our staff and advisors to feel confident in going forward that our culture would remain and we would have much more to offer in terms of products and services."
The transaction is expected to close in the second quarter of 2015. Read more about this acquisition and the ongoing consolidation of the MGA market in the May issue of The Insurance and Investment Journal.