Canadian Broker Network buys insurance group

Canadian Broker Network and Intact Financial Corporation announced have reached an agreement, whereby CBN will buy affiliate South Western Insurance Group.

South Western is a wholesale insurance intermediary that provides brokerages with specialty and niche insurance markets. The transaction is expected to close by the end of the year.

The acquisition of South Western marks CBN’s expansion into the wholesale insurance market, as CBN’s ownership will provide South Western with the ability to expand its relationships with insurance companies.

Read: Changing lifecycles put premium on insurance

Upon closing, South Western will operate as an independent subsidiary of CBN with its own leadership team, name and brand.

Read: Cope with a shrinking insurance market

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.