Large Canadian brokerage now operating coast to coast
Editor’s Note: An original version of this article incorrectly identified Western Financial Group as Westland. Canadian Underwriter apologizes for the error.
Western Financial Group now operates coast to coast following its full acquisition of Huestis Insurance and Associates Ltd. (HIAL) in the Maritimes.
Western said in a press release Tuesday it closed a deal to purchase the remaining shares of HIAL, effective May 1. In February 2021, Western took a non-controlling interest in the Saint John, N.B.-based brokerage. At that time, brokerage president and CEO Kenny Nicholls told Canadian Underwriter that Western would get an equity stake of less than 50% in Huestis.
“This transaction reinforces Western’s service offering to the Maritimes, with physical locations in New Brunswick, Nova Scotia and Prince Edward Island,” High River, Alta-based Western said in a press release. “Western now owns and operates insurance brokerages from coast to coast and continues to be one of the largest insurance brokerages in Canada.”
Founded in 1966, HIAL is the largest brokerage group in the Maritimes, with 27 branches in New Brunswick, Nova Scotia and Prince Edward Island. Huestis offers personal (home and tenant, auto, recreational, motorcycle, travel trailer and boat), commercial (auto, property, builders’ risk, commercial fishing, contractors, E&O, event, farm, landlord, liability and surety bonds) and life and health insurance.
Western offers many of the same products, but also has renter’s and farm insurance, as well as employee benefits and business insurance for national enterprises and associations, among others.
HIAL’s leadership team will remain on board following the acquisition, Western announced. David Huestis, executive advisor to the president and CEO, and Troy Bohan, vice president of sales and operations, will lead the entire group.
“This is an excellent fit for Western and HIAL as both companies share important values and a strong focus on exceeding customer expectations, putting our customers and people first, and emphasizing community relationships and social responsibility,” Western said in the release.
During the week of May 8, representatives from Western’s executive leadership team met with HIAL employees in New Brunswick, Nova Scotia and Prince Edward Island to introduce themselves, respond to questions and get to know more about how they carried out their business.
Western Financial Group is a subsidiary of Trimont Financial Ltd., which itself is a subsidiary of Wawanesa Mutual Insurance Company. The brokerage has been in operation for more than 100 years, with more than 2,000 people in 200-plus locations.
Feature image by iStock.com/da-kuk
