The Albany Gazette - Western Announces New Chief Financial Officer

Mr. Dancuart brings over fifteen years of experience in the property and casualty insurance sector and a strong track record of leading finance organizations through transformative changes, including the full implementation of IFRS 17. Prior to joining Western, Mr. Dancuart served as Vice President of Finance and Procurement at Gore Mutual Insurance Company, where he was part of the team responsible for a successful transformation of this highly respected insurer, with contributions spanning all major areas of change including the implementation of modern technology platforms, reinvention of outdated operating models, the enhancement of people strategies and the execution of high-growth, value-added initiatives.

"We are very excited to have Pablo join our team with his expertise implementing significant transformational change, including with respect to IFRS 17" said Paul Rivett, Western's Chief Executive Officer. "We believe Pablo will be a dedicated team member and culture builder as we start Western's new chapter as an insurance and investment holding company."

"We would like to thank our current Chief Financial Officer, Stacey Cross, for her dedication to Western over the years and for working tirelessly to get us through our recapitalization last year. Ms. Cross will support Mr. Dancuart through this transition." said Mr. Rivett.

As part of Mr. Dancuart's compensation, Western has agreed to grant 1,666,666 restricted share units (RSUs) priced at $0.60 per share. Fifty percent of these RSUs will cliff vest after five years, with the balance cliff vesting after 10 years. The grant of these RSUs is subject to approval by the TSXV. It is Western's expectation that the shares necessary to support these RSUs will be purchased in the open market and will not be issued from treasury.

About The Western Investment Company of Canada Limited

Western is an insurance and investment holding company focused on decentralized ownership of insurance businesses and centralized investment management. Western's shares are traded on the Toronto Venture Exchange under the symbol WI.

For more information on Western, please visit its website at www.westerninvest.ca.

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This news release may contain certain forward-looking information and statements, including without limitation statements pertaining to future results and plans for Western and its associated companies, acquisitions, financings and returns. 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.

The forward-looking statements are based on certain key expectations and assumptions made by Western, including expectations and assumptions concerning the ability of Western to successfully implement its strategic plans and initiatives.

Although Western believes that the expectations and assumptions on which the forward-looking statements made by Western are based are reasonable, undue reliance should not be placed on the forward-looking statements because no assurance can be provided that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, risks relating to regulatory compliance, risks relating to demand for the products and services provided by Fortress Insurance and other portfolio companies, risks relating to future growth prospects and business opportunities, risks that management is not able to execute its business strategy, and the impact of general economic conditions in Canada and the United States. A description of additional 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.sedarplus.com.

The forward-looking statements contained in this news release are made as of the date hereof and Western undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

"Neither the TSX Venture Exchange nor its Regulatory Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release."

SOURCE: The Western Investment Company of Canada Limited

View the original press release on ACCESS Newswire

(E.Taylor--TAG)