Guardian Capital Group Limited
TSX : GCG
TSX : GCG.A

Guardian Capital Group Limited

June 01, 2015 12:17 ET

IDC Worldsource Insurance Network Inc. Completes Acquisition of First Prairie Financial Inc.

TORONTO, ONTARIO--(Marketwired - June 1, 2015) - Guardian Capital Group Limited ("Guardian") (TSX:GCG) (TSX:GCG.A) announced today that its subsidiary, IDC Worldsource Insurance Network Inc. ("IDCWIN"), has completed the acquisition of First Prairie Financial Inc. ("First Prairie"), a leading regional insurance managing general agency ("MGA") in Alberta and Saskatchewan.

Paul Brown, Chairman and Chief Executive Officer of IDCWIN, stated "We are very fortunate to be partnering with First Prairie, a highly professional organization and one of the top regional MGAs. This acquisition gives us a stronger presence in Western Canada."

"We are pleased and excited to have such a quality organization join Guardian", said George Mavroudis, President and Chief Executive Officer of Guardian. "This acquisition continues to add to IDCWIN's successful growth and will be accretive to Guardian's consolidated earnings."

The acquisition will add a business which generated approximately $6 million in premiums on life insurance policies sold during the past year. It will also add over $600 million of segregated fund assets to those already administered by IDCWIN, bringing the total assets under administration at Guardian to approximately $15 billion.

About Guardian Capital Group Limited

Guardian Capital Group Limited is a diversified financial services company founded in 1962. Guardian, directly or through its subsidiaries, provides institutional and private wealth investment management services; provides financial services to international investors; provides services to financial advisors in its national mutual fund dealer, securities dealer, and insurance distribution network; and maintains and manages a proprietary investment portfolio. Its Common and Class A shares are listed on The Toronto Stock Exchange. To learn more about Guardian, visit www.guardiancapital.com.

About IDC Worldsource Insurance Network Inc.

IDCWIN is one of Canada's leading life insurance Managing General Agencies, servicing more than 2,000 advisors across the country through 19 major insurance carriers. IDCWIN is part of the Worldsource Wealth Management group of companies, an integrated national financial advisory platform serving the needs of independent advisors. WWM is headquartered in Markham, Ontario and is a wholly-owned subsidiary of Guardian Capital Group Limited. To learn more about IDCWIN, visit www.idcwin.ca.

Contact Information

  • Guardian Capital Group Limited
    George Mavroudis
    (416) 364-8341

    Guardian Capital Group Limited
    Donald Yi
    (416) 350-3136