Desjardins Common Insurance coverage Group, a subsidiary of Canada’s Desjardins, has signed a definitive deal to purchase the remaining stake within the Insurance coverage Firm of Prince Edward Island (ICPEI).
This acquisition covers ICPEI’s dwelling, auto and industrial insurance coverage actions, which can now turn into a part of its operations.
Initially, Desjardins acquired a minority stake in ICPEI in February 2023. On the time, the insurer deliberate to progressively take over ICPEI inside a three-to-five-year timeframe.
Nonetheless, Desjardins executed its name possibility to accumulate ICPEI shares forward of schedule as a result of beneficial market circumstances and the progress ICPEI has made in fulfilling its commitments to strengthen their partnership.
The combination of ICPEI is predicted to diversify Desjardins’ insurance coverage choices and improve its capacity to serve the wants of small and medium-sized companies throughout Canada extra successfully.
Industrial insurance coverage merchandise will proceed to be supplied by ICPEI’s insurance coverage brokers, complementing Desjardins’ direct channel and unique agent community.
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Moreover, Desjardins mentioned its monetary place will help ICPEI’s improvement and development initiatives.
Desjardins president and CEO Man Cormier mentioned: “With this acquisition, we’re strengthening Desjardins’ place within the Canadian industrial insurance coverage market. We’re dedicated to fulfill the altering wants of our enterprise members and purchasers throughout Canada, and be proactive in our help.
“That’s the reason we’re more than happy to have the ability to rely on ICPEI’s experience in brokerage distribution of business insurance coverage to develop our attain and entry new markets.”
ICPEI president and CEO Serge Lavoie mentioned: “This acquisition is clearly according to ICPEI’s strategic targets to develop insurance coverage distribution throughout the nation and pave the way in which for even higher collaborations on the Canadian market.
“Desjardins is a powerful monetary chief, and this partnership will speed up our development to turn into a serious participant in insurance coverage distribution with brokers.”
ICPEI’s acquisition is topic to regulatory approval and different closing circumstances.
This acquisition follows Desjardins’ buy of Guardian Capital Group’s life and medical insurance and particular person financial savings distribution actions.
