PerformINS Canada Inc.

PerformINS Canada Inc.

June 15, 2005 17:01 ET

PerformINS Canada Aquires Wise Riddell Financial Group

Attention: Business/Financial Editor TORONTO ONTARIO--(CCNMatthews - June 15, 2005) - Wise Riddell Financial Group to merge with MGA consolidator PerformINS Canada

June 15, 2005

PerformINS Canada and Wise Riddell Financial Group announced today that the board of directors of both companies have unanimously agreed to a purchase and sale agreement that will see Wise Riddell Financial Group become a cornerstone of the PerformINS Canada Group of Companies. Under this new agreement, PerformINS Canada, a new player in the consolidation of MGAs, will be well positioned to continue to attract quality organizations looking for capital and technology to compliment their sales and marketing initiatives.

Wise Riddell Financial Group was formed 16 years ago. The firm offers advice, products, services, and support to independent insurance and financial advisors who serve the needs of their high income, high net worth clients, as well as to selected national financial planning firms.

PerformINS Canada Inc. is a well financed consolidator of Canadian MGAs. Formed in November 2004, PerformINS's strategic plan is to consolidate approximately ten MGAs across Canada over the next three years. Wise Riddell is the third MGA that has become part of the PerformINS group of companies.

"We're excited about adding Wise Riddell Financial Group to our organization because it sends a message to the marketplace about what PerformINS Canada can mean to MGAs. Wise Riddell Financial Group is well known in the MGA community and has a fine reputation for working in the affluent and advanced markets. Their expertise and commitment to excellence can only help strengthen our organization," says Bruce Hammond, CEO of PerformINS Canada. He added, "We've done a lot in a short period of time."

David Stewart, managing partner of Wise Riddell Financial Group said, "We looked at what was best for the advisors we support and our organization. The PerformINS offering allows us to do what we do best: support our advisors through case consultation and education."

He added, "With volume requirements increasing and margins shrinking, we see a huge value in the back-office platform this transaction will create. This system will upgrade our third party administration offering to our national account partners as well."

Hammond adds, "We've made a commitment to continue the Wise Riddell Financial Group brand and admire the boutique approach they take. It certainly makes this merger a sound decision."

Julian Wise and Kevin Riddell, founding principals of Wise Riddell Financial Group, have agreed to associate themselves, as advisors, and their Integrated Estate and Wealth Management ProgramTM teams with the Wise Riddell Financial Group brand of -PerformINS. David Stewart will oversee the marketing for Wise Riddell Financial Group as well as playing a significant role in sales and marketing for PerformINS Canada.

"It was important to us that the long term objectives of the firm remain intact," says Kevin Riddell of the merger. "Our egos could have kept us on an independent track. That would have had a negative impact on our advisors and clients. What we've done here is to blend with an organization that respects our work and our values," Riddell added. "PerformINS Canada will play an important role in the growth of my advisor operation."

Julian Wise adds, "What we've done is add two plus two to get six. That means tremendous opportunity and value. An unkind marketplace means consolidation is inevitable. All along, our credo has been to lead that market and not follow it."

"Joining PerformINS keeps us at the forefront. We'll continue to grow our practices and our businesses with better resources. A continuing association with Kevin, David, Bruce Hammond, and Fred Wolfe makes the future exciting," he added.

Fred Wolfe, President of PerformINS Canada, emphasized that PerformINS has been designed to help provide MGAs with the support necessary to run an efficient and effective back office platform. "MGAs can get back to sales and marketing support", he said. "They are great recruiters, motivators, and case support providers. One platform allows them to focus on what they're strong at."

For more information please contact:

Bruce Hammond, CEO
PerformINS Canada Inc.
631 Weyburn Sq.
Pickering, Ont.
L1V 3V3
Ph: 905-420-5079
Fax: 905-420-6681


David Stewart, Principal
Wise Riddell Financial Group
2904 South Sheridan Way
Suite 101
Oakville, Ont.
L6J 7L7
Ph: 905-829-0660
Fax: 905-829-0074

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