TORONTO, ON / ACCESS Newswire / September 2, 2025 / The Western Investment Company of Canada Limited (TSXV:WI) ("Western") is pleased to announce the appointment of Wayne Connelly as Chief Client Officer.

Mr. Connelly is a respected leader with over 30 years of experience in the Canadian commercial property and casualty insurance industry. Wayne's deep understanding of underwriting, distribution, and client relationship management provides a valuable strategic addition to Western's growing decentralized insurance platform.

Prior to joining Western, Mr. Connelly served as Head of Underwriting for the Western Region at Aviva Canada, where he played a key leadership role in driving profitable growth and aligning underwriting strategies with broker and customer needs. Before his tenure at Aviva, Wayne served as President of Federated Insurance Company of Canada, where he led the organization through significant modernization efforts while maintaining a strong team-based and client-focused culture.

As Chief Client Officer at Western, Mr. Connelly will lead additional growth of client and broker relationships within the decentralized framework of our holding company culture. Wayne's expertise and long-standing, trusted relationships will be additive and collaborative with leaders of our insurance businesses, starting with Fortress, keeping in mind that all operational decisions will always be made by our operating subsidiary leaders.

"Wayne's appointment is another pivotal addition to Western's leadership team as we continue to grow our breadth in the Canadian insurance landscape," said Paul Rivett, Chief Executive Officer of Western. "I have known Wayne for decades and trust his business development skills. His proven leadership, industry expertise, and strong broker relationships will be instrumental in advancing our client-first strategy and enhancing the experience and expected growth of our group insurance platform. It is also very helpful that he knows first-hand the power of a decentralized culture."

"I'm incredibly excited to join Western," said Wayne Connelly. "It is an honor to be part of such a growing, entrepreneurial and talented team of experienced professionals. I am truly grateful for the opportunity and energized by the journey ahead. Together, I believe we are going to continue building something remarkable over the long-term and I can't wait to get started!"

As part of Mr. Connelly's compensation, Western has agreed to grant 793,650 restricted share units (RSUs) priced at $0.63 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.

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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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CONTACT INFORMATION

For Investor Relations questions, please email [email protected]

Advisories

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

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