James Richardson & Sons, Limited acquires ownership interest in Wynward Insurance Group

James Richardson & Sons, Limited (JRSL) announced on Tuesday that it has entered into a definitive agreement with Parrish & Heimbecker, Paterson Global Foods and Cargill Ltd. to acquire their ownership interest in Wynward Insurance Group.

The transaction will provide JRSL and Richardson International with 100% ownership of Wynward. Previous to the transaction, Richardson International, a wholly-owned subsidiary of JRSL, owned 55% of Wynward and was the company’s largest shareholder, Wynward said in a press release.

“Over the past four years, Wynward has entered a new phase of growth, with a renewed business strategy, a talented and energetic leadership team and improved operating fundamentals,” said Hartley Richardson, president and CEO of JRSL, in the release. “We believe our 100% ownership of Wynward will provide increased opportunities in the markets Wynward serves across Canada.”

Richardson said that the firm’s involvement in the insurance business dates back to 1870 through an agency contract with the Royal Exchange. The firm was also a charter member of the Grain Insurance and Guarantee Company, which began in 1920. “The timing was right to execute a transaction that benefits all four companies and their shareholders,” Richardson added.

Darryl Levy, president & chief executive officer of Wynward, said that the “two companies have had a long and successful partnership and Wynward has grown into an innovative market leader with great momentum. The transition to new ownership is seamless for our customers, brokers and Wynward employees across Canada.”

Wynward Insurance Group focuses on Commercial Property & Liability and insures over 34,000 policyholders and over $40 billion in property assets across Canada. The company is headquartered in Winnipeg and operates from coast to coast, with regional offices throughout Canada.

JRSL, established in 1857, is a private family-owned and operated Canadian corporation also headquartered in Winnipeg. The firm is involved in the international grain trade and agri-food business, energy, real estate, financial services and investments.