From the Wires
IDC Worldsource Insurance Network Inc. Acquires MGA Business of Strategic Brokerage Services LP
By: Marketwired .
Nov. 30, 2012 05:04 PM
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 11/30/12 -- Paul Brown, Chairman and CEO of IDC Worldsource Insurance Network Inc. ("IDC WIN"), announced today that IDC WIN has acquired the Managing General Agency (MGA) business of Strategic Brokerage Services LP ("SBS"), an MGA based in Calgary Alberta. The transaction also includes the business of the associated firm, SBS West LP, located in Langley, British Columbia.
The acquisition continues IDC WIN's growth and expansion as one of Canada's leading MGAs. IDC WIN will join forces with SBS advisors and employees to strengthen its presence in the Prairies and British Columbia. Kelly Smith, formerly Vice-President of SBS, has been appointed Vice-President of Business Development for the Prairie Region of IDC WIN.
"IDC Worldsource is excited to have the advisors and employees of SBS join our company," said Brown. "This transaction gives us a strong foothold in Alberta, with the ability to grow our business throughout Western Canada. SBS has experienced strong growth over the past 9 years, and we are confident that together we can continue to build one of Canada's top insurance distributors."
"This is a tremendous opportunity for SBS advisors and our staff," Smith commented. "IDC WIN will help us to build upon our success and take our business to the next level."
The integration of SBS will add $400 Million of segregated fund assets to IDC WIN and increase new first year insurance premium to in excess of $45 Million in 2012.
About IDC Worldsource Insurance Network Inc.
IDC WIN is a leading national managing general agency and part of the Worldsource Wealth Management (WWM) group of companies, an integrated national financial advisory platform serving the needs of independent advisors. WWM is headquartered in Markham, Ontario, and has approximately $10 billion in assets under administration. WWM is a wholly-owned subsidiary of Guardian Capital Group Limited, a leading Canadian independent financial services and wealth management company, listed on the Toronto Stock Exchange.
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