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Two of Canada’s governing general agencies have announced plans to merge. Worldsource Insurance Network Inc. Merger and IDC Financial Inc. would create one of Canada’s largest MGAs.
“Worldsource is excited to partner with IDC,” said Paul Brown, president and CEO of WIN. “It is a great value firm with a core of high-quality advisors that has experienced rapid growth over the last decade.”
Brown will become president and CEO of the new company, which will be called IDC Worldsource Insurance Network Inc., and Ron Madzia, president of IDC, will be president of IDC.
“We look forward to working with WIN and its affiliates,” said Madzia. “This merger will enable us to open new markets and further expand services for our independent advisors.”
How big will the combined company be?
IDC WIN will serve more than 2,000 insurance advisors who sell products from all major life insurers and manage more than $1.5 billion in fund assets.
While WIN’s parent company, Worldsource Wealth Management, is headquartered in Markham, Ontario, MGA’s strength lies in the Western provinces. IDC operates primarily in Eastern Canada.
The combined company will have a national presence, with offices in Mississauga, Vancouver, Saint John, Markham, London and Halifax.
The transaction is expected to close on or about July 1, 2011, at which time IDC WIN will be 67% owned by Worldsource Wealth Management Inc. (WWM). IDC’s current management team will also continue to hold a significant stake in the company and will retain their active roles in managing the new organization.
