TORONTO, ONTARIO--(Marketwire - Nov 30, 2012) - Guardian Capital Group Limited (Guardian) (GCG.TO)(TSX:GCG.A) announced today that its subsidiary, IDC Worldsource Insurance Network Inc. (IDCWIN), has purchased the life insurance Managing General Agency (MGA) business of Strategic Brokerage Services LP (SBS), an MGA based in Calgary, Alberta. The transaction also includes the business of the associated firm, SBS West LP, located in Langley, British Columbia.
The acquisition continues IDCWIN''s growth and expansion as one of Canada''s leading MGAs. IDCWIN will join forces with SBS advisors and employees to strengthen its presence in the Prairies and British Columbia. Kelly Smith, formerly Vice-President of SBS, has been appointed Vice-President of Business Development for the Prairie Region of IDCWIN.
"IDC Worldsource is excited to have the advisors and employees of SBS join our company", said Paul Brown, the Chairman and CEO of IDCWIN. "This transaction gives us a strong foothold in Alberta, with the ability to grow our business throughout Western Canada."
George Mavroudis, President and CEO of Guardian, said: "We are pleased that this acquisition in Western Canada further adds to IDCWIN''s national presence, and continues its ability to be a profitable contributor to Guardian''s overall growth objectives."
The integration of SBS will add $400 Million of segregated fund assets to IDCWIN, and increase new first year insurance premium to in excess of $45 Million in 2012.
About Guardian Capital Group Limited
Guardian is a diversified financial services company founded in 1962, and celebrating its 50th year in business. Guardian provides institutional and private wealth investment management services; provides financial services to international investors; and provides services to financial advisors in its national mutual fund dealer, securities dealer, and managing general agency. Its Common and Class A shares are listed on The Toronto Stock Exchange.
About IDC Worldsource Insurance Network Inc.
IDCWIN is a leading national managing general agency and part of the Worldsource Wealth Management (WWM) group of companies, an integrated national financial advisory platform serving the needs of independent advisors. WWM is headquartered in Markham, Ontario, and has approximately $10 billion in assets under administration. WWM is a wholly-owned subsidiary of Guardian Capital Group Limited.