The Co-operators, a Canadian insurance co-operative, has acquired Laval, Quebec-based Assurances Madelein for an undisclosed amount.
The Co-operators has over $42.5bn in assets under administration. The company, via its group of firms, offers home, auto, life, group, travel, commercial and farm insurance, as well as investment products.
The portfolio of Assurances Madelein includes personal and commercial insurance policies. Post the acquisition, any existing insurance coverage of a client will remain unchanged and it will be in effect for the existing term of their policies.
Assurances Madelein, which was established in 1957, offers independent consulting and buying services for (home, auto, commercial) damage insurance. It offers life insurance, disability insurance, health insurance and mortgage insurance services.
Besides these services, the company also provides investments services under registered retirement savings plan (RRSP), registered retirement income fund (RRIF), registered education savings plan (RESP), tax-free savings account (TFSA).
Under commercial insurance, the company claims to provide coverage for all types of business risks associated with retailers, wholesalers, food stores, residential buildings, business offices or service firms.
The Co-operators president and CEO Rob Wesseling said: “This acquisition further strengthens our distribution system and the co-operative presence in Quebec. With our continued growth in the province, we are able to deepen our connection to our Quebec clients helping us better understand their unique needs and help them accomplish their financial goals.”
The company stated that its clients will now benefit from the services of a national insurance co-operative and can gain access to full suite of insurance products including home, auto, life, wealth, travel and commercial.
Credit Union Agencies Alliance Limited (CUAAL), an alliance between The Co-operators, First Credit Union and Aldergrove Credit Union, had recently acquired Envision’s book of business in Aldergrove, British Columbia.
CUAAL’s acquisition of this book of business could allow clients to continue to receive local service with co-operative values.
The present insurance coverage for clients will remain intact, with no changes to their premiums or coverage for the current term. As the policies expire, clients will be offered comparable policies from The Co-operators.
Envision Insurance Services is a division of First West Insurance Services and is owned by First West Credit Union.