Winterthur, Hub both sell Quebec personal lines operations

Insurer Winterthur and broker Hub International have both decided to refocus their business in Quebec away from personal lines.
Winterthur says it will sell is L’Unique Compagnie d’Assurances Generales to La Capitale Assurances Generales Inc. for $48 million, and focus on its other Canadian subsidiary, Toronto-based The Citadel. L’Unique writes largely Quebec auto business, along with some personal property.
Winterthur says it still remains committed to Quebec and Canada, through The Citadel. “As many know, Winterthur has a strong focus on mid-market commercial lines in Canada. So for us at The Citadel, it is business as usual,” says Citadel CEO Bill Breckles. We will continue to write the same lines of business that we do today and strive to bolster our position throughout the country, which includes the province of Qubec, a key strategic market for us.”
Hub International says it will sell a portion of the personal lines book of Quebec-based hub Martin Assurance & Gestion de Risques Inc. The business will be bought by a corporation run by Martin’s Euclide Cyr. With the sale, Hub intends to focus on its commercial lines, along with “VIP” personal lines clients.
While financial terms of the deal were not disclosed, but Hub says the change should be effective January 1, 2005.