France-based insurer acquires two Quebec brokerages

French insurer April Group has announced its new presence in Canada with the acquisition of two Quebec brokerages, Escapade Assurances Voyages, and Dave Rochon Assurances.
Escapade, situated in Sainte Croix, was created in 2003 and specializes in travel insurance for short and long voyages and for specific destinations. It is distributed essentially by telephone and through the Internet.
The brokerage, staffed by five people and with 9,000 clients, reported revenues of Cdn$520,000 in 2006 and a net profit of Cdn$127,000.
Dave Rochon, a Montreal brokerage that specializes in commercial and casualty risks, relies on a brokers force of 800 to distribute its products. The company, established in 1957, reported revenues of Cdn$4.14 million in 2006 and a net profit of Cdn$810,000.
This agreement will permit the April Group to position itself solidly in Canada with its historical know-how of niche risks and to offer its products through an established resource of broker distributors, the company announced in a press release [translated from French].
Escapade and Dave Rochon will be consolidated as of July 1, 2007.