High River, Alberta – (Newsfile Corp. – January 8, 2019) – The Western Canadian Investment Company Limited ("western(TSXV: WI) announced today that it has signed a letter of intent to acquire a 50% interest in a property and casualty insurance company in Western Canada for amount of approximately $ 2 million or 90% of the book value at the reporting date.
"Western CEO Scott Tannas has an exemplary track record in Western Canada's property and casualty industry," said Jim Dinning, Chairman of the Board. "It is therefore appropriate that Western lead the development and implementation of a significant expansion plan for insurer activities in 2019 and 2020," concluded Mr. Dinning.
To achieve rapid growth, the new insurance company intends to partner with several Western Canadian insurance brokers to identify new niche insurance products and participate in existing insurance programs.
The proposed transaction is subject to a number of conditions, including the approval of the Western Board of Directors, the TSX Venture Exchange and the Alberta Superintendent of Insurance. If all conditions are removed, the transaction should be finalized by April 2019.
Scott Tannas, President and CEO of Western said: "At Western, we have made it clear that we intend to enter the insurance industry in Western Canada. an important part of our founding plan We believe we have found the ideal partner platform to launch a specialized underwriter who will become a successful and profitable financial institution In the coming weeks, we will work to finalize our plans and seek out the necessary approvals, and provide additional information to stakeholders as soon as the terms of the transaction are removed, excited by what 2019 holds for our profitable and growing small business. "
Western is a unique publicly traded private equity firm founded by a group of successful businessmen from Western Canada and dedicated to creating and maintaining the ownership of successful companies in Western Canada. Western Canada and their development. The company's shares trade on the TSX Venture Exchange under the symbol WI. For more information on the company, visit its website at the address www.winv.ca.
The Western Canada Investment Company Limited
President and CEO
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