In a move that could shake up the insurance distribution channel, Financial Horizons Inc. has bought Force Financiere Excel, creating the country’s largest Managing General Agency (MGA).
“We are delighted that Excel has joined the Financial Horizons organization” said Murray Wallace, president, Granite Global Solutions, parent company of Financial Horizons. “This expands our position in Quebec and solidifies Financial Horizons position in the MGA market in Canada.”
Combined, Financial Horizons and Excel have more than 4,000 brokers, over $3.5 billion in segregated fund assets and in excess of $220 million of life premium in force.
“This is another step in the growth of Financial Horizons as a leading MGA”, said John Hamilton, CEO of Financial Horizons. “The addition of Excel gives Financial Horizons a first class management team with an excellent reputation in the Quebec market place. Plus they share our priority of providing our brokers with the best service in the industry.”
Financial Horizons will operate with three divisions in Canada: an Ontario and Atlantic Division; a Western Canada Division and a Quebec Division.
James McMahon, the president of Force Financiere Excel will continue as president of the Quebec Division, operating under the Force Financiere Excel brand for the immediate future.
“This is a very positive move for our brokers,” said McMahon. “For some time, we have been looking to join a firm that has the same values, commitment and vision that we have. Financial Horizons met those criteria”.