An insurance partnership based in Winnipeg announced yesterday that it has joined forces with a brokerage to form what could be Canada’s largest indigenous-owned insurance agency.
According to a release, TIPI Insurance Partners has merged with the Duck Lake-based IMI Brokerage Company, roughly doubling the former’s size and expanding its reach to Ontario and all throughout Western Canada.
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“Our vision is simple. We are building a financial services powerhouse that is owned by and for indigenous people, where the benefits of ownership can flow back to our communities,” said TIPI CEO Nathan Ballantyne.
Founded in 2011, TIPI is an alliance of four indigenous-owned organizations: Tribal Wi-Chi-Way-Win Capital Corporation (TWCC), FirstPlan Benefits, First Commercial Benefits and First Commercial Brokers. The partnership provides pension plans, group benefits and property insurance to First Nations communities across Canada.
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IMI, founded in 1993 by members of Saskatchewan and Alberta First Nations, operates mainly in those provinces as well as British Columbia. The agency also offers life insurance, group benefits and pension services to First Nations communities, as well.
Through the deal, IMI can expand its offerings to include life insurance, group benefits and pension services and a pension plan designed exclusively to meet the needs of First Nations people.
Over 25 TIPI employees will remain with the partnership, to continue operating under their own brands.
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