Guelph, Ont.-based Co-operators General Insurance Company Monday announced the completion of its sale of L’Union Canadienne, Compagnie d’assurances to RSA Canada for $150 million.
All necessary approvals have been granted and the transaction, which was announced on June 6, 2012, was completed Monday.
Co-operators General acquired L’Union Canadienne, a Quebec-based intermediated property and casualty insurance company, in 1999. Over the past few years, Co-operators General has expanded its direct distribution business in Quebec.
The company says its strategic focus in the years ahead will be to build upon this success and further develop its direct distribution capabilities throughout the province.
Co-operators General is part of The Co-operators Group Limited, a Canadian-owned financial co-operative and a multi-product insurance company. Its representatives in communities across Canada provide home, auto, farm, business, life and travel insurance, as well as investment products.
The addition of L’Union Canadienne builds on RSA’s 160 year presence in the province of Quebec, positioning RSA as a top five insurer in that province in addition to solidifying its position as the third largest P&C insurer in Canada.
“The addition of L’Union Canadienne is consistent with RSA’s strategy of delivering sustainable, profitable growth through a combination of new business and acquisitions,” says Rowan Saunders, president and CEO of RSA Canada.
This acquisition broadens RSA’s personal lines portfolio, increases its share of the commercial market space and diversifies its geographic concentration of risk.