Western Financial acquires Coast Capital Insurance Services

The largest deal the company has negotiated to date: Western CEO

Western Financial Group has acquired Coast Capital Insurance Services (CCIS) from Coast Capital Savings Credit Union.

CCIS is a subsidiary of Coast Capital and currently offers property, casualty, commercial, life and disability insurance products through 32 retail insurance offices and a call centre.

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The life and disability insurance business of CCIS will remain with Coast Capital.

“We’re very proud to be able to bring Coast Capital Insurance Services into our family of companies. It is a tremendous organization that has the same commitment to community as we do,” said Scott Tannas, president and CEO of Western. “This is the largest deal we’ve negotiated to date and will help us solidify our presence throughout the B.C. market. We look forward to building on the traditions of great service and community support that Coast Capital has established.”

Read: More on recent mergers and acquisitions

Under the terms of the agreement, CCIS branches will continue to operate under the CCIS name and branding for at least two years. Western will continue to employ all 242 staff members of CCIS while working with Coast Capital to enhance banking and insurance offerings to both Western and CCIS customers. The deal is expected to close in July 2013.

“Desjardins Group welcomes this important acquisition that will reinforce Western Financial Group’s leadership role in Western Canada’s insurance market,” said Monique F. Leroux, Chair of the Board, President and CEO of Desjardins Group. “This opportunity also builds on our partnership with Coast Capital Savings as we look for more opportunities to bring the great benefits of the financial services co-operative model to more Canadians.”

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