Shafeen Mawani Promoted to CEO at Fortress Insurance as Insurance Sales Growth Accelerates

High River, Alberta--(Newsfile Corp. - February 11, 2021) - The Western Investment Company of Canada Limited (TSXV: WI) ("WICC" or the "Company") 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 Western (www.winv.ca)

WICC 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. WICC's shares are traded on the TSX Venture Exchange under the symbol WI.

About Fortress (www.fortressinsurance.ca)

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.

Western has a 50% share ownership in Fortress.

CONTACT INFORMATION

The Western Investment Company of Canada Limited
Scott Tannas
President and Chief Executive Officer
(403) 652-2663
stannas@winv.ca

Advisory

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