January 5, 2015 by Canadian Underwriter
Desjardins Group’s purchase of State Farm Canada’s businesses in property and casualty and life insurance, as well as its Canadian mutual fund, loan and living benefits companies, officially closed Jan. 1.
Desjardins Group has become, through the acquistion, the second largest P&C insurance provider in Canada with annual gross written premiums increasing from more than $2 billion in 2014 to more than $4 billion projected in 2015, according to a statement released Jan. 2.
“Similarities between our two organizations are numerous,” Monique F. Leroux, chair of the board, president and CEO of Desjardins Group said in the statement.
“We are thousands who are close and committed to millions of customers. I am confident that our shared values, our passion and commitment to our work will allow us to better serve Canadians, together. This gives me tremendous confidence in the future. I also want to salute everyone for the energy they have invested and will continue to devote to the success of this integration.”
More than 1,900 Canadian employees from State Farm, along with about 500 agents will continue to serve more than 1.2 million customers in Ontario, Alberta and New Brunswick. Desjardins added that it still expects the transaction to lead to job creation in the coming years in Canada, including in Quebec.