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The Co-operators To Purchase General Insurance Operation

Acquisition of VISL is expected to expand The Co-operators' presence in British Columbia

Vancity and The Co-operators have inked an agreement for the sale of Vancity Insurance Services Limited (VISL), Vancity’s subsidiary for home, auto, travel and business insurance.

As per terms of the agreement, The Co-operators subsidiary, Federated Agencies will acquire VISL, including all its service locations, on September 1, 2009. VISL customers will be notified of the change in ownership, and their insurance coverage will remain in effect with no changes to their premiums or coverage for the current term of their policies. VISL retail locations will begin to operate under The Co-operators brand.

The purchase of VISL would expand The Co-operators presence in British Columbia, where it currently has 24 agent offices. Vancity will continue to offer life, creditor and title insurance as part of its overall financial services offering.

The Co-operators is a Canadian group of companies providing home, auto, life, group, travel, commercial and farm insurance, as well as investment products.