Surrey-based Coast Capital Credit Union announced May 16 that it has agreed to sell its insurance subsidiary Coast Capital Insurance Services Ltd. (CCISL) for an undisclosed price to Western Financial Group.
The result will leave Coast Capital more focused on its bank business, said CEO Tracy Redies.
"When we decided to concentrate our resources on our core banking business, our goal was to find a partner who could help CCISL grow further and reach its full potential," Redies said. "Coast Capital and Western have similar values and a commitment to our people, our customers and our communities."
CCISL sells property, casualty, commercial, life and disability insurance products through 32 retail insurance offices and a call centre. Western will keep the CCISL name and branding on those offices for at least two years. It operates 29 B.C. branches under the Western brand.
Western, which is the largest and fastest growing insurance brokerage in Western Canada, is a subsidiary of Montreal-based Desjardins Group.
