Canadian monetary cooperative Desjardins Group, via its subsidiary Desjardins Basic Insurance coverage Group, has accomplished the acquisition of all of the excellent shares of the Insurance coverage Firm of Prince Edward Island (ICPEI) Holdings.
Whereas monetary particulars of the deal stay undisclosed, the acquisition is a strategic transfer to diversify and strengthen Desjardins’ insurance coverage choices in Canada.
ICPEI Holdings, established in 1998, has been a major participant within the Canadian insurance coverage trade, providing a set of property and casualty (P&C) insurance coverage options.
These merchandise are distributed completely via the dealer channel by its subsidiary, ICPEI, which focuses on private and business insurance coverage.
The acquisition follows a definitive settlement signed just a few months in the past between Desjardins Group and ICPEI Holdings for the oblique buy of all issued and excellent shares of ICPEI.
Desjardins picked a minority curiosity in ICPEI in February final yr.
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By buying ICPEI, Desjardins Basic Insurance coverage Group goals to strengthen its place within the Canadian market and broaden its P&C insurance coverage actions, together with providers for companies.
The transaction is anticipated to allow Desjardins to diversify its insurance coverage supply and improve its providers for small and medium-sized companies throughout Canada.
It additionally grants Desjardins entry to a broader vary of economic insurance coverage merchandise, addressing the wants of companies in a market the place brokerage distribution performs a pivotal position.
Desjardins plans to combine ICPEI’s dwelling, auto and business insurance coverage actions into its operations.
Now an entirely owned subsidiary of Desjardins, ICPEI will proceed to develop insurance coverage options and merchandise for its purchasers.
It’s going to keep its product choices via the insurance coverage brokers partnered with ICPEI, complementing Desjardins Group’s direct distribution strategies and community of unique brokers.
Desjardins intends to leverage its strengths to help ICPEI’s ongoing improvement and progress.
Desjardins Group president and CEO Man Cormier mentioned: “ICPEI’s experience in dealer distribution goes to assist us increase our attain and entry new markets so we are able to higher meet the rising wants of enterprise providers members and purchasers throughout the nation.”
ICPEI president and CEO Serge Lavoie added: “ICPEI’s objectives are to increase insurance coverage distribution throughout the nation and develop enterprise alternatives in new Canadian markets, and this acquisition is a concrete instance.”
