Wawanesa Mutual subsidiary Trimont Financial said its previously announced acquisition of Western Financial Group and Western Life Assurance from Desjardins Financial has formally closed.
The deal, valued at roughly $775m, includes Western’s primary business units including its brokerage network and Western Financial Group Insurance Solutions.
Trimont said Western’s brokerage network will continue to operate under the Western name and offer products from a wide range of insurance providers.
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’s p&c operations, has been named president and ceo of the entity in a permanent capacity.
“I’m very pleased to welcome Western to the Wawanesa group of companies and to reaffirm our commitment to Western’s long-term success,” Wawanesa president and ceo Jeff Goy said.
“Our investment reflects our commitment to making sure local brokers remain a strong presence in communities across Canada.”
Mr. Nicholls said Western’s employees and customers will benefit from Wawanesa’s commitment to the ongoing success of local insurance brokers.
Trimont Financial Ltd., established in 1982, is a wholly owned subsidiary of Wawanesa Mutual Insurance and provides direct support to local brokers to assist with succession planning, growth, capital investment and other needs.