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Western and Coast Capital close sale of CCIS

Canada-based insurance brokerage Western Financial Group (Western) and Coast Capital Savings Credit Union (Coast Capital) have closed the sale of Coast Capital Insurance Services (CCIS).

Western will acquire the ownership of Coast Capital’s property, commercial and casualty insurance subsidiary.

The sale was first revealed by Western and Coast Capital in May 2013.

Western will continue to employ 242 members of CCIS, while CCIS branches will operate under the same name for at least two years, as part of a deal between Western and Coast Capital.

Coast Capital will continue to offer life and disability insurance through its subsidiary, Coast Capital Financial Management.

The purchase of CCIS retail locations across the Lower Mainland and southern Vancouver Island will form part of Western’s 29 branches in 22 communities they currently operate throughout British Columbia.