Wawanesa closes deal for Desjardins broker, insurance divisions

Trimont Financial Ltd., a subsidiary of the Wawanesa Mutual Insurance Company, has formally closed its purchase of Western Financial Group and Western Life Assurance from Desjardins Group.

The $775-million transaction includes the Western brokerage network, Western Financial Group Insurance Solutions and Western Life Assurance.

Western’s brokerage network will continue to operate under the Western name and offer other insurance provider products, a release said on Thursday. It added that there “are no plans to close or relocate any of Western’s existing 157 brokerage locations or affiliates.”

Wawanesa Mutual Insurance has about $3 billion in annual revenues, assets of more than $9 billion, and more than two million policyholders. It has offices in Canada and the United States.

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The staff of Advisor.ca have been covering news for financial advisors since 1998.