Canadian Underwriter

Western Financial acquires minority stake in B.C. broker

May 10, 2005   by Canadian Underwriter

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Financial services group and broker network consolidator Western Financial Group (TSX: WES) has acquired a minority shareholding in Falkins Insurance Group, a major brokerage network operating from 10 locations in British Columbia’s southeastern region. The terms of the deal have not been disclosed.
Under the arrangement, which Western describes as a "strategic partnership", the two groups will collaborate on operational and strategic initiates. The terms of the deal also allow Western Financial to increase its stake in Falkins at a future point. "The southeast B.C. region, and Falkins Insurance Group in particular, is [are] a great fit for our current operations," says Scott Tannas, president of Western Financial.