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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 residence, auto and business insurance coverage actions, which is able to now develop into a part of its operations.
Initially, Desjardins acquired a minority stake in ICPEI in February 2023. On the time, the insurer deliberate to regularly take over ICPEI inside a three-to-five-year time-frame.
Nonetheless, Desjardins executed its name choice to amass ICPEI shares forward of schedule on account of beneficial market situations and the progress ICPEI has made in fulfilling its commitments to strengthen their partnership.
The mixing of ICPEI is predicted to diversify Desjardins’ insurance coverage choices and improve its potential to serve the wants of small and medium-sized companies throughout Canada extra successfully.
Business insurance coverage merchandise will proceed to be provided by means of ICPEI’s insurance coverage brokers, complementing Desjardins’ direct channel and unique agent community.
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Moreover, Desjardins stated its monetary place will help ICPEI’s improvement and progress initiatives.
Desjardins president and CEO Man Cormier stated: “With this acquisition, we’re strengthening Desjardins’ place within the Canadian business insurance coverage market. We’re dedicated to fulfill the altering wants of our enterprise members and shoppers throughout Canada, and be proactive in our help.
“That’s the reason we’re very happy to have the ability to rely on ICPEI’s experience in brokerage distribution of economic insurance coverage to broaden our attain and entry new markets.”
ICPEI president and CEO Serge Lavoie stated: “This acquisition is clearly consistent with ICPEI’s strategic objectives to broaden insurance coverage distribution throughout the nation and pave the best way for even higher collaborations on the Canadian market.
“Desjardins is a powerful monetary chief, and this partnership will speed up our progress to develop into a significant participant in insurance coverage distribution with brokers.”
ICPEI’s acquisition is topic to regulatory approval and different closing situations.
This acquisition follows Desjardins’ buy of Guardian Capital Group’s life and medical insurance and particular person financial savings distribution actions.
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