Canada-based diversified financial services company Western Financial Group (Western) has acquired First Insurance Agencies, for an undisclosed sum.

The latest acquisition, which represents the third takeover in Vancouver Island in the last year, will allow the acquirer to expand its insurance brokerages network across western Canada.

Commenting on the acquisition, Western Financial British Columbia regional senior vice president Greg McGill said the deal will boost its operations and add more products and services.

"Through Western, the office will be part of a growing network of branches featuring property & casualty insurance, life insurance, group insurance, marine insurance, and other services," McGill added.

Following completion of the transaction, Western will have offices situated at Vancouver Island in Campbell River, Nanaimo, Victoria and Sidney.

Established in 1996 and headquartered in High River, Alberta, Western Financial Group serves over 600,000 customers and offers insurance, banking and investment products and services through more than 120 offices.

Western Financial Group operates as a subsidiary of Desjardins Group, which is a cooperative financial group in Canada.