Kitchener, Ont.-based Financial Horizons Group announced on Wednesday that it has expanded its network of insurance agents to more than 9,000, with the acquisition of Ottawa-based managing general agency (MGA) R.G. Packman & Associates Ltd.

The transaction involves the purchase of 100% of the shares of R.G. Packman & Associates by Financial Horizons Group in exchange for cash and shares in the holding company of Financial Horizons Group. The transaction closed on Feb. 28, 2015.

R.G. Packman & Associates is a prominent MGA with more than 1,000 independent insurance advisors in Ontario, British Columbia, Quebec and Atlantic Canada. The firm offers sales support and service through an experienced team of administrators and product specialists, and partners with many major carriers to offer a broad range of insurance and financial services products.

“After extensive research of major MGAs in the Canadian marketplace, I decided that Financial Horizons Group was the perfect fit for my growing business,” said Robert Packman, president and CEO of R.G. Packman. “R.G. Packman has always provided top level service to our advisors, and joining such a strong MGA will greatly enhance our product offerings and services to our advisors.”

The management team, office and staff of R.G. Packman & Associates will remain essentially unchanged. On a day-to-day basis, it will be “business as usual” for the staff and advisors, the companies said.

Financial Horizons has expanded aggressively through a variety of acquisitions in the past several years. Most recently, the company acquired Victoria-based S&V Planning Corp. in November 2014 and Saskatoon-based Performance Financial Services Inc. in August 2014.

“This acquisition is another strategic step in the growth of Financial Horizons Group as the leading MGA in Canada,” said John Hamilton, president and CEO of Financial Horizons.

Financial Horizons Group operates nationally with four regions: in Ontario with Tony Ryan as president; in Atlantic Canada with Chris Valardo as president; in Quebec with James McMahon as president; and in Western Canada with Paul Isaacson as president.