Quebec insurance brokers network taken over by four shareholders

Quebec City-based Intergroupe Assurances, which specializes in personal, commercial and life insurance and financial services, announced on Tuesday that it is being taken over by a quartet of well-established shareholders in the industry.

Intergroupe, which was founded in 1996 by five brokerage firms, now has over 20 employees, 70 member firms as well as a total premium volume of over $600 million. Its annual turnover nears $700 million collectively with its members – close to a 20% share of the insurance market in Quebec, Intergroupe added in a press release. The insurance brokers network represents a variety of insurance companies, including ACE Canada, AIG Canada and Allianz Global Corporate & Specialty.

Beginning on Wednesday, Sylvain Racine, Louis Cyr, Christian Foisy and Bernard Laporte are taking the reins of Intergroupe, with Laporte serving as the new president.

“The vision and synergy of the group, which is made up of three businessmen who are currently part of Intergroupe, and a seasoned manager, will allow a well-established company – and as a result, an industry often viewed as outdated – to evolve,” the release said. “The transaction brings with it an important wind of change: the new shareholders’ projections include modernizing the business process, opening up new markets, offering a wider selection of products, and thus becoming the new major insurance player in the country.”

Laporte said in the release that “together, we seized the opportunity to move forward with an acquisition that would allow us to help both the company and the industry to evolve by focusing our efforts, our expertise and our combined experience on some promising possibilities.”