Western Financial Group Announces Acquisition of Leading Vancouver Island Broker
High River, Alberta – March 2, 2009 (TSX: WES) – Western Financial Group announced today that it has closed on the acquisition of Bakes-Jarvie Insurance Brokers Ltd. in Nanaimo, BC effective January 1, 2009.
Bakes-Jarvie traces its history back to 1975 and currently employs 16 staff members in its two locations where it has been successful in building a strong commercial clientele, as well as growing its personal lines and licensing business. By acquiring this well established business on Vancouver Island, Western Financial Group has entered another strategic market in British Columbia.
Nanaimo is the center of a large and growing market area in south central Vancouver Island. All indicators lead to continuing growth and prosperity in the region, which is the center for manufacturing and finance for the tourism, forestry and construction industries on the Island.
“We have been looking to acquire a strong and solid broker on Vancouver Island on which we can build our presence there, and we are very pleased Bakes-Jarvie is joining our Agency Network,” said Scott Tannas, President and CEO of Western Financial Group.
“Bakes-Jarvie is a great addition to our group, and the start of our presence on the Island,” said Lana Wood, President of Western Financial Group’s Agency Network. “Their book of business has traditionally shown low loss ratios, and the enthusiastic and customer-focused staff have strong commercial expertise, which is a great addition to our overall ability to service businesses of all types,” she said.
Western Financial Group is a leader in providing insurance, financial and banking services to more than 450,000 individuals and businesses in over 100 communities across Western Canada through its WFG Agency Network locations, affiliated insurance brokers, Western Life Assurance Company and Bank West.
The Common Shares of Western Financial Group are traded on the Toronto Stock Exchange under the symbol “WES.”
This press release is not for distribution to any United States news service or otherwise in the United States.
For further information, please contact:
Jodi Greig, Investor Relations Manager
Western Financial Group