Winnipeg, MB (June 4, 2015) – James Richardson & Sons, Limited (JRSL) has announced that it has 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% ownership of Wynward. Previous to the transaction, Richardson International, a wholly-owned subsidiary of JRSL, owned 55% of Wynward and was the Company’s largest shareholder.
“We are proud of our long history and association with P&H, Paterson Global and Cargill”, stated Hartley Richardson, President & Chief Executive Officer 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% ownership of Wynward will provide increased opportunities in the markets Wynward serves across Canada.”
Richardson continued: “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. The timing was right to execute a transaction that benefits all four companies and their shareholders. Today’s announcement is a major milestone for Wynward, and we look forward to our alliance with an industry leader in growth, profitability and community engagement.”
Darryl Levy, President & Chief Executive Officer of Wynward, said: “We are excited to become part of the James Richardson & Sons organization, which is highly regarded as one of the most prominent privately held companies in Canada. Our two companies have had a long and successful partnership and Wynward has grown into an innovative market leader with great momentum. The transition to new ownership is seamless for our customers, brokers and Wynward employees across Canada.”
Levy concluded: “Our new ownership structure provides us with another opportunity to build upon our unique customer value proposition, reinforces our commitment to the broker channel, and enhances our competitive position in a very dynamic market.”
About Wynward Insurance Group
Founded in 1920 as a joint venture of prairie grain elevator owners and originally named Grain Insurance & Guarantee, the Company rebranded in May of 2013 to Wynward Insurance Group. With a focus on Commercial Property & Liability, the Company insures over 34,000 policy holders and over $40 Billion in property assets across Canada.
Wynward Insurance Group operates from coast to coast, with regional offices throughout Canada. Headquartered in Winnipeg, the Company has been recognized for the last two consecutive years as one of Canada’s Top 100 small to medium employers and has an “A (Excellent)” financial strength rating from A.M. Best.
For more information about Wynward Insurance Group, visit www.wynward.com.
About James Richardson & Sons, Limited
James Richardson & Sons, Limited, established in 1857, is a private family-owned and operated Canadian corporation. Headquartered in Winnipeg, the Firm is involved in the international grain trade and agri-food business, energy, real estate, financial services and investments.
For more information, visit www.jrsl.ca.
Source: Wynward Insurance Group