Western Financial Group announced on Tuesday that it has agreed to acquire all issued and outstanding shares of Winnipeg-based insurance brokerage Hayhurst Elias Dudek Inc. and its subsidiaries, including Securican General Insurance Company.

The transaction has been approved by all applicable regulatory bodies and is scheduled to close on or before Sept. 30th, the company said.

Western Financial Group, which currently owns 49% of Hayhurst Elias Dudek, had been a minority shareholder for almost three years.

HED is one of Canada’s largest independent insurance brokerages. It specializes in progressive and unique commercial insurance and employee benefit products specifically designed for Canadian independent businesses and government entities that are aligned with associations or buying groups.

Securican is an underwriter of pet health insurance through its own brand name, PetSecure, as well as a number of white label agreements with national brand name companies. It also plays a supporting role in the placement and management of HED’s commercial “Protected Self-Insurance” programs.

“With the acquisition of HED and Securican, we have a powerful set of resources in place to continue the systematic growth of our business,” said Scott Tannas, president and CEO of the company. “We are one of only a few Canadian organizations operating in the banking, life, and property and casualty manufacturing insurance sectors. In addition, we own and operate the largest insurance network of brokerages – now more than 100 locations – in Western Canada.”

Tannas said the acquisition will provide Western Financial Group with a new platform on which to expand its sales of commercial insurance in the West.

“We intend to make Securican a platform for future development of a roster of specialty insurance products that could be marketed by Western’s distribution force,” he said.

Tannas added that the acquisition includes a 50-seat call centre currently operated by Securican, which could present opportunities for new sales initiatives.

“This call centre and its licensed personnel provide Western with expert staff and an infrastructure on which to build future sales and service initiatives encompassing home, auto and life insurance,” he said.