Western Financial enters joint expansion deal

Financial services group and broker network consolidator Western Financial Group Inc. (TSX: WES) has entered into a joint venture with Harvard Developments Inc. to begin a new expansion of brokerages into major urban centers of western Canada. Although the terms of the deal have not been revealed, the announcement includes the formation of a new brokerage, Cooks ISI Insurance, based in Regina Saskatchewan.
The objective of the partnership, which is being handled through Harvard Development’s subsidiary Cooks McCallum Hill Insurance in conjunction with WES’ broker network arm ISI Agencies, is to invest in a new line of jointly owned brokerages across western Canada, a statement says. "Western Financial Group brings economies of scale and considerable experience in network operations to the table. We are very pleased to be joining force with such a like-minded reputable organization," says Paul Hill, CEO of Harvard Developments. "We have looked for a way to begin to enter larger metro markets without changing or diluting the success we have experienced in building our network in smaller communities in Western Canada," comments Scott Tannas, CEO of Western Financial.