Canadian Broker Network (CBN) has signed an agreement to acquire Intact Financial's affiliate South Western Insurance Group Limited.
Terms of the transaction were undisclosed and is likely to close by the end of the year.
Canadian Broker Network Chair Daryn McLean said that the acquisition agreement will enable CBN to enter an important segment of the brokerage industry.
Intact Financial Corporation chief operating officer and president Louis Gagnon said, "Under the strategic direction of CBN, South Western will be well-positioned to better serve the needs of insurance brokers across the country."
Following the completion of transaction, South Western will serve as CBN’s independent subsidiary with its own leadership team, name and brand.
The acquisition will also enable South Western the ability to expand its relationships with insurance companies as well as enhance benefits to South Western’s brokers.
Wholesale insurance intermediary, South Western Insurance Group provides brokerages with specialty and niche insurance markets.