OM Financial Inc is pleased to announce that it has acquired an MGA MILIFE Insurance & Investment Inc.
Brief History of MILIFE Insurance & Investment Inc.: MILIFE initially started as a Desjardins Franchise Centre and then a successful Industrial Alliance MGA for the last many years and became very successful due to the calibre and vision of 2 great Professional Managing Directors viz Pavan Chowdry and Pankaj Arora. After their demise under tragic circumstances & after one year, OM Financial Inc has extended the courtesy to take over the Management of MILIFE Insurance & Investment Inc. under our wings to provide continuous Professional support to the Brokers & AGA’S like Education, Training, Coaching, Guidance & Mentoring. MILIFE which started in 2008 is one of the top South Asian owned MGA’S in Canada with a strength of 400 Brokers and various sub offices across Ontario with presence in BC, Alberta, Manitoba & Nova Scotia. The Brokers come from two dozen ethnic backgrounds and speak many languages.
History of OM Financial Inc: In March 1999 Rahul Bhardwaj, President & CEO incorporated OM Financial Inc.to start an MGA .OM Financial Inc. as an MGA decided to Contract and cater only to experienced Financial Advisors (minimum of 2 to 3 years’ experience). Our First MGA Contract was National Life of Canada which was later converted to Industrial Alliance. During the building of our MGA Rahul Bhardwaj decided to become a Managing Partner with Equinox Financial Group as one of the Franchise Offices while the Acquisition and Mergers continued between the Insurance Companies during the Mid 2000’s and early 21st Century. Many of the Insurance Companies merged and it became the end of the era of Equinox Financial Group. At this point OM Financial Inc. decided to contract Insurance Companies directly. Some of the Contracts were RBC Insurance, Standard Life, AIG, and Maritime Life. As the Mergers & Acquisitions continued towards the end of 2008 to 2010 OM Financial Inc. also positioned themselves to start acquiring MGA’S as part of the Strategic Growth Plan.
Vision: OM Financial Inc. is a leading national MGA. Our goal is to be the most trusted and valued customer-driven MGA in the country. We aspire to be Canada’s premier network of Financial Advisors that offers competent, affordable, and measurable results. We are a growing network of independent Financial Advisors with a goal to promote financial literacy among Canadian families. Our organization is dedicated to offering unparalleled service and exceptional protection to our customers. Access to financial services and competitive insurance sectors can have a great impact in people’s lives. We strive to create measurable value for our Financial Advisors.
We pride ourselves on sustaining long and lasting partnerships with our providers and advisors. We involve ourselves in our communities through events, donations, and sponsorships, and also are active members in a variety of industry organizations. The success of OMF is powered by its collaboration.
Executive Summary: OM Financial Inc. holds direct MGA relationships with over 37 Life & Travel Insurance Companies in Canada. We are operating currently in all the Provinces and Territories of Canada including Quebec with a network of 2600 Advisors including 36 AGA’S. We are members of CAILBA, APEXA & ADVOCIS. We are currently at various stages of Acquisitions and Succession Planning with some of the MGA’S in Canada. Since 2010 we have acquired 12 MGA’S to date. We are also working on certain strategic tie-ups /Acquisitions / Succession Planning & Change Management strategies with MGA’S outside Ontario to spread our footprints across Canada with good and steady success.OM Financial Inc. continues to acquire books of business of individual producers who plan to retire in the near future.
