Disclosure and Compensation Policy
Western Financial Group is a full-service insurance brokerage committed to providing quality service to our customers. Headquartered in High River, Alberta, Western Financial Group provides personal and business insurance through branch locations, its affiliates, and a variety of connected channels, with an engaged team of approximately 2,500 people.
As part of that ongoing service, we would like to inform you of the following:
Western Financial Group is a division of Western Financial Group (Network) Inc., a subsidiary of The Wawanesa Mutual Insurance Company. No other insurance company has a financial interest in Western Financial Group. Western Coast Insurance Services are a division of Western Financial Group.
Neither company or its divisions practice “tied selling” so you are not required to conduct any other business with The Wawanesa Mutual Insurance Company in order to deal with Western Financial Group and vice versa.
The staff at Western Financial Group and its divisions are licensed to conduct general insurance business by the insurance councils in the provinces where they do business. They are paid by Western Financial Group. Neither the staff nor Western Financial Group has a financial interest in the insurance companies underwriting the contracts. Nor do the insurance companies have a financial interest in the individual completing this transaction.
Western Financial Group has partnered with many of Canada’s leading insurance companies to offer you the products and coverages that best meet your needs. Some of Western Financial Group’s insurance partners are:
- Wawanesa Mutual
- Aviva
- Intact & Jevco Insurance
- SGI Insurance & Coachman Insurance
- Peace Hills
- Sandbox Mutual
- Unica
- Chubb Insurance
- Gore Mutual Insurance
- Definity
- Northbridge
- Lloyd's Underwriters
- Portage La Prairie Mutual
- Red River Mutual
- Commonwell Mutual
- Mutual Fire
- Nordic Facility
- Pembridge-Pafco Insurance
Western Financial Group also deals with intermediaries including the following:
Agile Underwriting Solutions, Angus Miller, Autoglass Maintenance Inc., Burns & Wilcox Canada, Chutter Underwriting Services, CFC Underwriting, Forward Insurance Managers, Milnco Insurance Brokers, Oasis Insurance, Premier Group of Companies, Revau, Special Risk Insurance Managers, SPG Canada, Strategic Underwriting Managers, Trans Canada Insurance Marketing, and Western Underwriting Managers among others.
Western Financial Group also offers a white label product. A white label product is a product branded under Western Financial Group; however, the policy is written by a third-party insurer. Western Financial Group has authority to bind business on behalf of the insurer and administer claims. These products carry a higher percentage of commission than other products as a result of the additional services provided and are included in the broker compensation ranges noted below.
Brokerage compensation is part of the insurance premium and is paid annually on new and renewal business. On Automobile business the compensation ranges from 5% to 22% with Facility Association policies in Ontario capped at a maximum of $370. On Personal & Commercial Property and Casualty Business the range is between 7.5% and 27.5%. For Surety Insurers the range is between 25% to 50%. Certain insurers may, from time to time, offer contingent commission arrangements. These commissions are not guaranteed and may be based on a variety of factors determined by the insurer. For more information about contingent commission practices, please refer to the individual insurer’s website. In addition, we may charge an agency fee for policies placed with Intermediaries.
Western Financial Group’s disclosure commitments are made in the best interest of consumers. We commit to providing all quotes available and provide recommendations that best suits the individual needs. We encourage you to also consult the commitments made by the insurance industry and individual companies by consulting their websites or other available information.
Western Financial Group Insurance partners conduct promotional contests from time to time, and although Western Financial Group may participate this does not impact our ability to recommend the product that best supports the individuals need.
Western Coast Insurance Services is a wholly owned division of Western Financial Group Ltd. Insurance products are underwritten by certain licensed insurance companies and are only available throughout British Columbia, Canada.