The Co-operators acquires majority interest in The Edge Benefits

The Co-operators announced on Tuesday that it has purchased a majority interest in The Edge Benefits, a Newmarket, Ont.-based company that provides self-employed and small business owners with lifestyle protection and complex living benefits solutions.

The Cooperators said in a press release that the current management team will remain in place and The Edge Benefits will continue to operate independently. The Edge Benefits has 80 employees and more than 45,000 policyholders and has paid out over $100 million in benefit claims in the last 10 years, according to its website.

“This was a natural fit, as the two organizations share similar values and have an established successful relationship,” said Kathy Bardswick, president and CEO of The Co-operators, in the release. “We look forward to the future, as The Edge Benefits will continue to operate independently, with the same business model and management team.”

The two organizations have enjoyed a “strong and successful” relationship since 2013, with Co-operators Life Insurance Company supplying simplified disability products through The Edge Benefits.

“The completion of this transaction will enable the EDGE brand to continue its dominant position in providing lifestyle protection plans to the self-employed marketplace,” added David Prince, one of two co-founding partners of the EDGE, along with Jeff Neale, in the release. “With The Co-operators, we foresee significant synergies that will build on the legacy we have established over the past 30 years.”

To ensure business continuity, Prince will continue as chairman of the board of directors of The Edge Benefits until December, 2017.

The Co-operators Group Limited is a Canadian-owned co-operative with more than $38 billion in assets under administration. It offers home, auto, life, group, travel, commercial and farm insurance, as well as investment products. For its part, The Edge Benefits said on its website that it “partners with leading insurers to provide benefits that are designed to safeguard your lifestyle.”