It isn’t just carriers that are bulking up, with two leaders in the life space poised to complete a deal that could reconfigure the MGA landscape.
IDC Worldsource Insurance Network Inc. and First Prairie Financial Inc. are poised to complete a deal that could reconfigure the MGA landscape.
IDC have signed a Letter of Intent and entered into negotiations to acquire First Prairie, a leading regional MGA in Alberta and Saskatchewan. The transaction is subject to completion of due diligence and the finalization of terms.
"We are very fortunate to have the opportunity to partner with First Prairie. They are a highly ethical and professional organization and one of the top regional MGAs. This acquisition will give us a very strong presence in one of the main markets in the country," Paul Brown, Chairman and Chief Executive Officer of IDC WIN stated.
Brown noted that First Prairie Advisors will continue to benefit from having access to First Prairie staff and services, as well as from the additional value that IDC WIN brings as a leading National MGA.
"It is a perfect fit for a number of reasons," said Brown. "First Prairie's leadership and staff are a great addition to the IDC WIN team."
"We had IDC WIN on the top of our list as a partner for the next stage of our evolution, as we went through the process of finding a national firm with which to integrate," said Ken Aberg, President of First Prairie. "We wanted our staff and advisors to feel confident in going forward that our culture would remain and we would have much more to offer in terms of products and services."
The transaction is expected to close in the second quarter of 2015.
IDC have signed a Letter of Intent and entered into negotiations to acquire First Prairie, a leading regional MGA in Alberta and Saskatchewan. The transaction is subject to completion of due diligence and the finalization of terms.
"We are very fortunate to have the opportunity to partner with First Prairie. They are a highly ethical and professional organization and one of the top regional MGAs. This acquisition will give us a very strong presence in one of the main markets in the country," Paul Brown, Chairman and Chief Executive Officer of IDC WIN stated.
Brown noted that First Prairie Advisors will continue to benefit from having access to First Prairie staff and services, as well as from the additional value that IDC WIN brings as a leading National MGA.
"It is a perfect fit for a number of reasons," said Brown. "First Prairie's leadership and staff are a great addition to the IDC WIN team."
"We had IDC WIN on the top of our list as a partner for the next stage of our evolution, as we went through the process of finding a national firm with which to integrate," said Ken Aberg, President of First Prairie. "We wanted our staff and advisors to feel confident in going forward that our culture would remain and we would have much more to offer in terms of products and services."
The transaction is expected to close in the second quarter of 2015.
