IDC Worldsource Insurance Network Inc. Acquires Copoloff Insurance Agencies (Canada) Ltd.
Family-owned Managing General Agency Acquisition Supports Firm’s Expansion Strategy
TORONTO, Oct. 01, 2020 (GLOBE NEWSWIRE) -- Guardian Capital Group Limited (Guardian) (TSX:GCG) (TSX:GCG.A) announced today that its subsidiary, IDC Worldsource Insurance Network Inc. (IDC WIN), has
acquired Copoloff Insurance Agencies (Canada) Ltd., Shelly K. Copoloff Insurance Agencies Inc. and Rate Watchers Life Insurance Brokers Ltd. (collectively, Copoloff), a managing general agency
(MGA) with its head office based in Montreal, Quebec. Founded in 1964, Copoloff supports advisors across Canada, offering access to a comprehensive range of insurance products and business
development resources. The transaction will add approximately $2 million in renewal commission revenue and $400 million in assets under administration to IDC WIN.
“This transaction follows IDC WIN’s acquisition of Aurrea Signature Inc. in late 2019, and represents another step towards its stated goal to be the primary MGA in the independent advice channel across Canada. We are pleased with the resilience of the MGA business unit through a challenging year; having Copoloff joining Guardian enhances IDC WIN’s place in the industry,” said George Mavroudis, President and Chief Executive Officer, Guardian Capital Group Limited.
“Our goal is to be the industry’s leader,” noted Phil Marsillo, President, IDC WIN, “and we’re working towards our objective by providing innovative and responsive services, programs and support to meet advisor needs. The new partnership with Copoloff builds on our growth strategy, with a like-minded organization.”
“We are humbled by the opportunity to bring the Copoloff name into the IDC WIN family. Phil and I have both known the Copoloff family, Lottie, Shelly, Chuck and Diane, for over 30 years and we will strive to build on the legacy that started with Sid Copoloff over 55 years ago. We are committed to continue to grow our presence in the province of Quebec and view this transaction as a cornerstone of that strategy,” said Paul Brown, Chairman and CEO, IDC WIN.
The Copoloff offices will continue to receive full support from their leadership team and staff. With their long and storied history, each of these individuals have shared a depth of industry knowledge and experience to service the needs of advisors. Shelly Copoloff, Copoloff Insurance Agencies Inc., will continue to lead the organization, assuming the role of Director, Business Development for IDC WIN.
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