Aviva Canada terminates partnership with PC Financial

**CORRECTION** The following item is an amended version of a prevous item in which Sally Turney was incorrectly quoted as saying the partnership no longer met the companies’ financial needs. In fact, the partnership no longer meets the companies’ strategic needs. Canadian Underwriter is responsible for the misquote and apologizes for the error.

Aviva Canada is terminating its partnership with PC Financial.
“Both parties have agreed that the current partnership is no longer meeting either company’s strategic needs,” Sally Turney, Aviva Canada’s vice president of corporate affairs, said. “Aviva remains absolutely committed to the multi-distribution channel.”
PC Financial insurance products are distributed by PC Financial Insurance Agency Inc., a member of the Loblaw Group of companies.
All PC Financial insurance products are underwritten by licensed insurance companies:
PC Financial auto and home insurance are underwritten by S&Y Insurance Company, Scottish & York Insurance Co. Limited and Pilot Insurance Company.
The Aviva subsidiaries noted above have been re-branded recently, all grouped under the collective umbrella of Aviva Canada.
PC Financial pet insurance is underwritten by SecuriCan General Insurance Company.
PC Financial travel insurance is underwritten by AIG Commercial Insurance Company of Canada.
Aviva’s split with PC Financial means the service functions performed by Aviva’s core centre in India will be transferred back to Canada. Employees in India will be re-deployed to work in other Aviva global business.
The termination of the partnership is among a number of organizational changes being made at Aviva. “With a strong capital and financial footing, we have announced organizational changes,” Turney noted. “These organizational changes will best position the company to deliver strategic priorities and financial targets.
“The changes will stimulate further profitable growth and increase Aviva’s market share.”