A renewed business strategy and a new phase of growth made the decision to pull the trigger on the takeover of one insurer an easy one to make.
James Richardson & Sons, Limited (JRSL) recently entered into a definitive agreement with Parrish & Heimbecker, Paterson Global Foods and Cargill Ltd. to acquire their ownership interest in Wynward Insurance Group.
The transaction will provide JRSL and Richardson International with 100 per cent ownership of Wynward.
“We are proud of our long history and association with P&H, Paterson Global and Cargill,” said Hartley Richardson, president & CEO of James Richardson & Sons, Limited. “Over the past four years, Wynward has entered a new phase of growth, with a renewed business strategy, a talented and energetic leadership team and improved operating fundamentals. We believe our 100 per cent ownership of Wynward will provide increased opportunities in the markets Wynward serves across Canada.”
Previous to the transaction, Richardson International – a wholly-owned subsidiary of JRSL – owned 55 per cent of Wynward and was the company’s largest shareholder.
“Our firm’s involvement in the insurance business dates back to 1870 through an agency contract with the Royal Exchange. We were also a charter member of the Grain Insurance and Guarantee Company which began in 1920 and over the years we have been involved in a number of insurance businesses,” said Richardson. “The timing was right to execute a transaction that benefits all four companies and their shareholders.”
Darryl Levy, president & CEO of Wynward, pointed out that the two companies have already had a long and successful partnership, and that the transition to new ownership should be seamless for customers, brokers and Wynward employees across Canada.