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Wintrust Financial’s First Insurance Funding of Canada acquires Policy Billing Services


May 1, 2014   by Canadian Underwriter


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Wintrust Financial Corp., through its subsidiary First Insurance Funding of Canada, has acquired the shares of Policy Billing Services Inc. and Equity Premium Finance Inc., two affiliated Canadian insurance premium funding and payment services companies.

Terms of the deal were not disclosed.

Policy Billing Services Inc. provides payment solutions to insurance brokers and agents. Its services include monthly premium financing, back office management for in-house premium finance as well as credit card payment solutions. Equity Premium Finance Inc. provides its broker network with a traditional premium financing solution.

“These two companies have established a great distribution channel to insurance brokers and agents in the Canadian marketplace by using proprietary software to provide brokers and agents with expanded payment solutions for their customers,” Edward J. Wehmer, president and CEO of Wintrust said in a press release.

“Combining their operations and committed staff with our dedicated team in Canada will allow us to accelerate our expansion in the Canadian premium finance market. Policy Billing Services and Equity Premium Finance founder, Stuart Bruce, and his experienced management team have served the Canadian market with first class service. We are looking forward to continuing our momentum with our new colleagues in Canada.”

Both organizations will continue to offer the same service and products during the transition period and the management and staff at both companies will remain the same, according to a statement from First Insurance Funding.

“We are in the exciting initial stages and planning has begun to determine how to utilize each company’s strengths in the most effective manner for our partners. We will provide future updates about these advances and how our partners can leverage these developments to grow their business,” its statement added.

As of March 31, Wintrust said its premium finance subsidiaries provided insurance premium financing for commercial and life insurance customers with outstanding balances of approximately $4.1 billion.


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