Western Financial Group Increases Ownership Position in Falkins Insurance

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CRANBROOK, BC, Aug. 3 /CNW/ - Falkins Insurance Group Limited ("Falkins") announced today that a current shareholder, Western Financial Group ("Western") has increased their shareholdings in Falkins from 20% to 40%. Western is a leader in providing insurance, financial services and banking services in over 90 communities, to more than 500,000 individuals and businesses in Western Canada through its Network locations, its affiliated brokers, Western Life Assurance Company, Bank West and Western Financial Insurance Company. In addition to doubling the current Western position, all parties have agreed upon a pathway to provide Western with the ability to acquire full ownership of Falkins by January 1, 2014.

Falkin's CEO, Bob McGill commented that "in deciding upon the Company's perpetuation direction it was the intent of the shareholders that the best interests of the employees and the customers take precedence. We feel that this objective has been accomplished as the similarities with Western's corporate culture and reputation are striking. The two companies are both rural oriented organizations with a high level of customer loyalty developed and nurtured by professional long term employees. Remaining a Canadian owned company was also an important objective that was achieved. It is truly the ideal business as usual scenario with the same employees and management team operating the Falkins offices and dealing with the customers in their respective communities."

Falkins Insurance is the largest writer of general insurance in south central British Columbia. The brokerage has been serving the citizens of British Columbia since 1897 and has a reputation for being strong corporate citizens in every community they operate in. Head-quartered in Cranbrook the company has offices in Cranbrook (2), Fernie, Sparwood, Elkford, Kimberley, Golden, Kaslo, Salmo, Fruitvale and Creston, B.C.

SOURCE FALKINS INSURANCE

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