Canadian Underwriter

Western Financial moves into central Canada with brokerage acquisition

June 20, 2018   by Jason Contant

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Western Financial Group Inc. has acquired its first non-western Canadian brokerage, Axion Insurance Services Inc.

Completed on June 19, the deal will allow Western Financial to add 10 Ontario-based locations and approximately 60 insurance experts to its existing network.

Kenny Nicholls, Western’s president and CEO, said in a press release that the company was “excited to make our first acquisition beyond the borders of the four Western provinces and we felt that Ontario was an ideal place to start.” He added that “Western is committed to expanding its physical presence across Canada and ensuring that Canadians get the best advice for their insurance needs.”

Mike Teixeira, co-founder of Axion, said that employees and customers will benefit from Western’s commitment to the ongoing success of local insurance brokers. Teixeria added that Western is an “organization that shares our values and deep connection to the communities we serve.”

Headquartered in High River, Alta., Western’s 1,800 employees provide personal and business insurance services through more than 178 physical locations and affiliates, as well as online. Western is a subsidiary of Trimont Financial Ltd., which in turn is a subsidiary of the Wawanesa Mutual Insurance Company.

Established in 1990, Axion has locations in and around the Greater Toronto Area, as well as in Parry Sound and Ottawa.

Like Western, Axion provides personal insurance (including property, auto and specialty lines) and commercial insurance (business property & liability, and business auto) to its customers, including online services. It has approximately 60 insurance experts.