TORONTO, Dec. 5, 2012 /CNW/ - Canadian Broker Network ("CBN") and Intact
Financial Corporation (TSX : IFC) announced today that they have
reached an agreement whereby CBN will acquire Intact affiliate South
Western Insurance Group Limited ("South Western"), a wholesale
insurance intermediary that provides brokerages with specialty and
niche insurance markets. Terms of the transaction, which is expected to
close by the end of the year, were not disclosed.
The acquisition of South Western marks CBN's expansion into the
wholesale insurance market and complements its existing activities.
CBN's ownership will provide South Western with the ability to expand
its relationships with insurance companies which will greatly benefit
South Western's brokers.
"This acquisition is a tremendous opportunity as it allows us to enter
an important segment of the brokerage industry," said Daryn McLean,
Chair of Canadian Broker Network. "With more than 50 years supporting
brokers, South Western's growth potential is significant thanks to its
strong industry relationships, experienced professionals and unique
underwriting expertise in niche and specialty insurance products."
"We are pleased to have found in CBN the perfect organization to help
South Western realize its growth potential," said Louis Gagnon,
President and Chief Operating Officer of Intact Financial Corporation.
"Under the strategic direction of CBN, South Western will be
well-positioned to better serve the needs of insurance brokers across
Upon closing, South Western will operate as an independent subsidiary of
CBN with its own leadership team, name and brand. "At South Western,
brokers can always count on an impressive team of committed and
talented employees. Moving forward, the current team will play an even
greater role in strengthening our industry relationships and expanding
our activities," said Mack Rooney, President of South Western Group.
About Canadian Broker Network
The Canadian Broker Network (www.canadianbrokernetwork.com) is a group of nine leading, independent commercially oriented
insurance brokers. Together, the network writes more than C$750 million
in property and casualty premiums annually.
About South Western Insurance Group
South Western Insurance Group (www.swgins.com) is a Wholesale Insurance Intermediary/Managing General Agent offering a
broad range of insurance solutions for specialty, niche, program and
hard-to-place business. Since 1961 South Western has provided
underwriting expertise to insurance brokers across Canada.
About Intact Financial Corporation
Intact Financial Corporation (www.intactfc.com) is the largest provider of property and casualty insurance in Canada.
Intact offers home, auto and business insurance through Intact
Insurance, belairdirect, Grey Power, BrokerLink and JEVCO.
SOURCE: INTACT FINANCIAL CORPORATION
For further information:
Daryn McLean, Chairman
Canadian Broker Network
+1 (416) 364-0160
Vice President, Corporate Communications
Intact Financial Corporation
+1 (416) 217-7206
Manager, External Communications
Intact Financial Corporation
+1 (416) 341-1464 ext. 43127