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Western Financial Group buys Nanaimo insurance broker

Published on March 3, 2009; Published on January 3, 2010
The Canadian Press ~ The News

Topics :: Western Financial Group , TSX , Bakes-Jarvie Insurance Brokers , Nanaimo , HIGH RIVER , Vancouver Island

HIGH RIVER, Alta. - Western Financial Group (TSX:WES) said Monday it has closed a deal to buy Nanaimo, B.C.-based Bakes-Jarvie Insurance Brokers Ltd. for an undisclosed sum.

High River, Alta.-based Western called the purchase a move into another ''strategic market.''

''We have been looking to acquire a strong and solid broker on Vancouver Island on which we can build our presence there,'' Western's president and CEO Scott Tannas said in a release.

Western said the broker has low loss ratios and ''strong commercial expertise.''

The deal is effective Jan. 1, 2009.

Bakes-Jarvie was founded in 1975 and has 16 staff members at two locations.

Western provides insurance, financial and banking services to more than 450,000 individuals and businesses in over 100 communities across Western Canada.

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