Western Financial Group and Coast Capital Savings Credit Union Tuesday announced the closing of the sale of Coast Capital Insurance Services Ltd. (CCIS) that will see ownership of Coast Capital’s property, commercial and casualty insurance subsidiary transferred to Western.
High River, Alta.-based Western and Vancouver-based Coast Capital first announced the sale of CCIS in a joint news release in May.
Under the terms of the agreement, CCIS branches will continue to operate under the CCIS name for at least two years and Western will continue to employ all of CCIS’s 242 staff members.
Coast Capital and Western say they will also work closely together to identify mutually beneficial business opportunities. Coast Capital will continue to offer life and disability insurance through its subsidiary, Coast Capital Financial Management Ltd.
The purchase of CCIS retail locations across the Lower Mainland and southern Vancouver Island complements the 29 branches in 22 communities Western currently operates throughout British Columbia.
Western Financial Group is a subsidiary of Desjardins Group.