Worldsource Insurance Network Inc. and IDC Financial Inc. to Merge
03 June 2011 - 7:32AM
Marketwired
Guardian Capital Group Limited (Guardian) (TSX: GCG)(TSX: GCG.A)
announced today that its indirect subsidiary, Worldsource Insurance
Network Inc. (WIN), has agreed to amalgamate with IDC Financial
Inc. (IDC) to form one of the largest life insurance managing
general agencies in Canada. Subject to completion of the
transaction, the merged company will be known as IDC Worldsource
Insurance Network Inc. (IDC WIN).
Immediately following the amalgamation, Guardian subsidiaries
will acquire additional IDC WIN shares from the IDC ownership
group, following which Guardian subsidiaries will own sixty-seven
percent (67%) of the issued and outstanding IDC WIN shares. The
transaction is expected to close on or about July 1, 2011.
Paul Brown, currently President and CEO of WIN, will be the
Chairman and CEO of IDC WIN, and Ron Madzia, currently President of
IDC, will be President. IDC WIN will be a national organization
with offices in Mississauga, Vancouver, Saint John, Markham, London
and Halifax, will service insurance advisors who sell products from
all major life insurers, and will have under administration over
$1.5 billion in segregated fund assets. The current management of
IDC will continue to hold a significant stake in IDC WIN, and will
maintain their active roles in managing the new organization.
"WIN is delighted to be partnering with IDC", said Brown. "IDC
WIN will have a national presence and is expected to be a
profitable contributor to Guardian's overall growth. We look
forward to pooling our existing talents with the IDC team in the
months and years to come."
George Mavroudis, President of Guardian, commented: "This
transaction reflects our long-term commitment to enhancing the
overall distribution network of our Worldsource Wealth Management
financial advisory platform. Worldsource is already a leading
independent dealership for advisors who sell securities, mutual
funds and life insurance products to Canadians from coast to coast.
The merger significantly increases the number of financial advisors
serviced by Worldsource, and brings its total assets under
administration to approximately $9 billion."
About Guardian Capital Group Limited
Guardian is a diversified financial services company founded in
1962. Guardian provides institutional and private wealth investment
management services; provides financial services to international
investors; and provides services to financial advisors in its
national mutual fund dealer, securities dealer, and insurance
distribution network. Its Common and Class A shares are listed on
The Toronto Stock Exchange.
About Worldsource Insurance Network Inc.
WIN is a leading Western Canadian managing general agency and
part of the Worldsource Wealth Management (WWM) group of companies,
an integrated financial advisory platform located in Markham,
Ontario. WWM is a wholly-owned subsidiary of Guardian Capital Group
Limited.
About IDC Financial Inc.
IDC is a leading managing general agency, operating primarily in
Eastern Canada. IDC markets a broad range of Life and Health
insurance and investment products, as well as providing
industry-leading service and support to independent financial
advisors.
Contacts: George Mavroudis (416) 364-8341 Vern Christensen (416)
947-4093
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