Transaction has been approved by all applicable regulatory authorities and is scheduled to close on or before September 30
Western Financial Group has agreed to acquire all issued and outstanding shares of Winnipeg-based Hayhurst Elias Dudek (HED) and its subsidiaries, including Securican General Insurance Company (Securican).
The transaction has been approved by all applicable regulatory bodies and is scheduled to close on or before September 30, 2009. The company, which currently owns 49% of HED, had been a minority shareholder for almost three years.
Scott Tannas, president and CEO of Western Financial Group, said: “With the acquisition of HED and Securican, we have a powerful set of resources in place to continue the systematic growth of our business. We are one of only a few Canadian organizations operating in the banking, life, and property and casualty manufacturing insurance sectors.”
Additionally, the company has reported an overall increase of 538% in net income in the second quarter.