Mississauga, Ont.-based IDC Worldsource Insurance Network Inc. (IDC WIN) announced last week that it has entered into negotiations to acquire Edmonton-based managing general agency (MGA) First Prairie Financial Inc.
The deal with First Prairie, which was established in 1999 by co-founders Ken Aberg and Joe Ruddell, would bulk up IDC WIN’s presence in Western Canada.
“We are very fortunate to have the opportunity to partner with First Prairie,” said Paul Brown, chairman and CEO of IDC WIN. “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.”
The acquisition would provide First Prairie advisors with access to the various support services available at IDC WIN, which services more than 2,000 advisors across the country through 19 major insurance carriers. In addition, First Prairie advisors would continue to have access to First Prairie staff and services, Brown said.
“First Prairie’s leadership and staff are a great addition to the IDC WIN team,” he said.
First Prairie had been seeking a national firm with which to partner, according to Ken Aberg, president.
“We had IDC WIN on the top of our list as a partner for the next stage of our evolution,” he said. “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 subject to completion of due diligence and the finalization of terms. It is expected to close in the second quarter of 2015.