TORONTO, May 4, 2012 /CNW/ - EGI Financial Holdings Inc. ("EGI") (TSX: EFH), a Canadian-based international specialty insurer, today announced that it has acquired CUISA Managing General Agency Corporation ("CUISA MGA"), a British Columbia specialty insurance operation.
CUISA MGA was established in 1996 and provides insurance services to 160 credit union owned insurance broker offices in British Columbia. It provides brokers with access to insurance markets and unique products that they would have difficulty accessing individually. CUISA MGA has developed and offers a broad range of personal and commercial lines products, and has been an authorized distributor for EGI's subsidiary, Echelon General Insurance Company, since 2006.
"The acquisition of CUISA MGA has both strategic and financial importance to EGI," stated Steve Dobronyi, Chief Executive Officer of EGI. "It allows us access to distribution through BC credit unions. It provides us with systems and people that we can integrate into our operations to improve our service offering. It gives us a Western Canada presence and a marketing and service office. Equally important, it's a financially accretive investment."
"We are delighted to be joining the EGI organization and aligning ourselves with Echelon General Insurance Company," added Barry Nelson, Chief Executive Officer of CUISA MGA. "Together, we will have deeper expertise, broader distribution and better products and service. The synergies between the organizations will help facilitate long-term growth of the business."
The transaction closed May 4, 2012.
Founded in 1997, EGI (www.egi.ca / www.echelon-insurance.ca ) operates in the property and casualty insurance industry in Canada, the United States and Europe, primarily focusing on non-standard automobile insurance and other niche and specialty general insurance products. EGI's common shares are traded on the Toronto Stock Exchange under the symbol EFH.
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Manager, Investor Relations
EGI Financial Holdings Inc.