High River, Alberta – The Western Investment Company of Canada Limited (“WICC” or the “Company”) (TSX Venture: WI) today announced that Shafeen Mawani has been confirmed as President & Chief Executive Officer by the Board of Fortress Insurance Company (“Fortress”). This appointment completes a planned transition, where Shafeen has led the execution of growth plans for Fortress since WICC’s original investment in May 2019, and will now do so with complete executive authority.
WICC CEO Scott Tannas will continue to serve Fortress as non–executive Chairman and will provide leadership in Fortress’ strategic direction.
Scott provided the following comments: “Our plan to build a niche Western Canadian insurer has resonated in the market. Since commencing expanded operations in early 2020, premium volume has grown exponentially, doubling in the third quarter and doubling again in the fourth quarter of 2020. A similar pace of growth is planned for 2021. With gross written premium volume at the end of 2020 reaching $1.6 million, our goal for year end 2021 is to be in the $6 to 8 million range. Together with our partners, we are committed to provide Fortress with all the resources it needs to respond to the strong demand. Shafeen is a proven leader and has already contributed greatly to Fortress Insurance Company’s success. His actuarial background and risk management experience combined with his entrepreneurial spirit will serve Fortress well through the next phases of growth.”
About The Western Investment Company of Canada
Western is a unique publicly traded, private equity company founded by a group of successful Western Canadian business people, and dedicated to building and maintaining ownership in successful Western Canadian companies, and helping them to grow. The company’s shares are traded on the TSX Venture Exchange under the symbol WI. winv.ca
About Fortress Insurance
Fortress is a property and casualty insurance company operating in Western Canada. Working with supporting broker partners, Fortress also offers customized solutions and has access to the global reinsurance markets for additional capacity and expertise. It writes insurance policies predominantly in property and also accident & sickness, boiler & machinery and marine. fortressinsurance.ca
Western has a 50% share ownership in Fortress.
The Western Investment Company of Canada Limited
President and Chief Executive Officer
This news release may contain certain forward-looking information and statements, including without limitation, statements pertaining to future plans, acquisitions, financings and earnings. Statements containing the words: ‘believes’, ‘intends’, ‘expects’, ‘plans’, ‘seeks’ and ‘anticipates’ and any other words of similar meaning are forward-looking. All statements included herein involve various risks and uncertainties because they relate to future events and circumstances beyond Western’s control. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. A description of assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in Western’s disclosure documents on the SEDAR website at www.sedar.com. Any forward looking statements are made as of the date of this news release and Western does not undertake to update any forward-looking information except in accordance with applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.