Western Financial closes Coast Capital Insurance acquisition

Western Financial Group Inc. announced Tuesday it has closed the acquisition of Surrey, B.C.-based Coast Capital Insurance Services Ltd., which is the property, commercial and casualty insurance subsidiary of Coast Capital Savings Credit Union.

Under the terms of the agreement, the branches of Coast Capital Insurance will operate under the CCIS name for at least two years. 

High River, Alta.-based Western Financial operates brokerages, a chartered bank (Bank West), a pet insurance carrier (Western Financial Insurance Company) and Western Life (originally the Canadian arm of Federated Mutual). Western Financial is a subsidiary of Desjardins Financial Group.

Under the terms of the Coast Capital acquisition, Western Financial Group says it will continue to employ all 242 of CCIS’s staff members.

“Coast Capital and Western will also work closely together to identify mutually beneficial business opportunities,” the company said in a press release. “Coast Capital will continue to offer life and disability insurance through its subsidiary, Coast Capital Financial Management Ltd.”

 Western has acquired several other insurance intermediaries, including Melfort Agencies Ltd. of Melfort, Sask.