Financial Horizons acquires Audis Canadapar La rédaction | September 14 2012 01:45PM
Managing general agency Financial Horizons Inc. has entered into an agreement to purchase Audis Canada Ltd, announced the companies on Sept. 5. Audis is a large MGA based in Western Canada.John Hamilton, president and CEO of Financial Horizons, and Dan Powell, president of Audis Canada Ltd., have signed letters of intent in a deal that involves the purchase of 100% of the shares of Audis Canada by Financial Horizons in exchange for cash and shares in Financial Horizons’ parent company, Granite Global Solutions. The transaction is expected to close by Oct. 31, 2012.
Audis Canada was established in 1999 by Mr. Powell. It represents over 1,000 independent financial and insurance advisors across Western Canada. The firm has offices in Winnipeg and Calgary.
The companies say that Audis Canada’s management team, office locations, and staff will essentially remain unchanged following the purchase. For the immediate future, Audis will continue to operate under the Audis Canada banner.
Once this acquisition completed, Financial Horizons Inc. will have a total of more than 5,500 brokers, over $4.2 billion in segregated fund assets and in excess of $300 million of life premium in force.
“This is another major step in the growth of Financial Horizons as the leading MGA in Canada,” said Mr. Hamilton. “The addition of Audis gives the company representation across Canada, and the expertise and experience that Dan brings to the Financial Horizons management team is immense. Audis Canada is a first class operation and is well respected in the industry.”
“This is a very positive move for our brokers,” says Mr. Powell. “I have been looking for an organization that shared my priority of providing our brokers with the best service in the industry and Financial Horizons shares that priority. This is a great opportunity for all of the Audis staff and brokers, and it further enhances our relationships with the life companies.”
Financial Horizons operates with three divisions in Canada: an Ontario and Atlantic Division, with Tony Ryan as President; a Quebec Division with James McMahon as President; and a Western Canada Division with Dan Powell now on board as President.