Canadian Underwriter

The Co-operators acquires Quebec independent brokerage

January 4, 2019   by Jason Contant

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The Co-operators announced Thursday it has purchased Quebec-based independent brokerage Assurances Madelein Inc., its 16th office in the province.

The Laval, Que.-based brokerage’s portfolio includes personal and commercial insurance lines, as well as life, disability, health and mortgage insurance, and investments.

“With our continued growth in the province, we are able to deepen our connection to our Quebec clients, helping us better understand their unique needs and help them accomplish their financial goals,” said Rob Wesseling, president and CEO of The Co-operators, in a press release.

Three months ago, The Co-operators acquired another personal and commercial lines brokerage: Robert Poirier & Associés, Courtier d’assurance inc. (Assurance Robert Poirier) in Gatineau, Que. With annual premium volume of about $3.5 million, the brokerage has a split of 15% in commercial lines and the remainder in personal lines, similar to that of The Co-operators, the insurer’s region vice president for Quebec, Patrick Decarie, told Canadian Underwriter Oct. 3, 2018.

As with the Assurance Robert Poirier acquisition, any existing insurance coverage a client has with Assurances Madelein will remain unchanged and in effect for the current term of their policies.

Part of The Co-operators’ strategy is to grow organically, but also through acquisition, Decarie said last October. “I have someone on my team whose main job is to meet brokers and see if there are other opportunities in Quebec.”

The Co-operators Group Limited is ranked as Canada’s sixth largest P&C company by net premiums written, according to Canadian Underwriter’s 2018 Stats Guide.

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