LAKE FOREST, Ill., June 8, 2012 (GLOBE NEWSWIRE) -- Wintrust Financial Corporation (Wintrust) (Nasdaq:WTFC) today announced the completion of its previously announced acquisition of 100% of the shares of Macquarie Premium Funding Inc., the Canadian insurance premium funding unit of Australia-based Macquarie Group. Wintrust conducted the acquisition through Lake Forest Bank & Trust Company, its wholly-owned subsidiary. The acquisition allows Wintrust to expand its premium finance business into the Canadian marketplace. The business currently has approximately $220 million of premium finance receivables outstanding.
"Canada is fertile ground for insurance premium funding services and we have sought to enter the market for some time," said Edward J. Wehmer, President and CEO of Illinois-based Wintrust. "The existing business has built a successful model over many years, which made this an ideal acquisition for Wintrust. Macquarie has served the Canadian market with first class service and has a terrific operating culture, solid growth and profit potential, and a dedicated management team. We are looking forward to continuing this momentum with our new colleagues in Canada."
Wintrust has significant experience in the premium finance business as the owner of FIRST Insurance Funding Corp. (FIRST Insurance), one of the largest insurance premium finance companies operating in the United States, serving loan customers throughout the country. As of March 31, 2012, FIRST Insurance provided insurance premium financing for commercial customers and life insurance customers with outstanding balances of approximately $3.2 billion.
The terms of the transaction are not being disclosed.
About Wintrust
Wintrust is a financial holding company with assets of approximately $16 billion whose common stock is traded on the NASDAQ Global Select Market. Built on the "HAVE IT ALL" model, Wintrust offers sophisticated technology and resources of a large bank while focusing on providing service-based community banking to each and every customer. Wintrust operates fifteen community bank subsidiaries, with over 100 locations located in the greater Chicago and Milwaukee market areas. Additionally, the Company operates various non-bank subsidiaries including one of the largest commercial insurance premium finance companies operating in the United States, a company providing short-term accounts receivable financing and value-added out-sourced administrative services to the temporary staffing services industry, companies engaging in the origination of residential mortgages for sale into the secondary market throughout the United States, and companies providing wealth management services.
Forward Looking Statements
This news release contains forward-looking statements within the meaning of the federal securities laws. Investors are cautioned that such statements are predictions and that actual events or results may differ materially. Wintrust's expected financial results or other plans are subject to a number of risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" and the forward-looking statement disclosure contained in Wintrust's Annual Report on Form 10-K for the year ended December 31, 2011 and in Wintrust's subsequent Quarterly Reports on Form 10- Q. Forward-looking statements speak only as of the date made and Wintrust undertakes no duty to update the information.