(September 8 – 15:10 ET) – Co-operators Group says that its subsidiary company, Canadian Union Insurance Company, is acquiring Colonial Fire and General Insurance Company of St. John’s. The deal is subject to regulatory approval.
Colonial is a provincially chartered property and casualty firm. Its gross written premiums in 1999 amounted to approximately $9 million. Colonial, which has eight employees, was formed in 1993 by Godfrey Wedgwood. Wedgwood, currently president and CEO, will retire once the sale of the company is complete.
“The Canadian Union Insurance Company and its sister company, The Sovereign General Insurance Company, are excellent fits with our organization and this transaction will ensure continued quality protection and service for our brokers and clients,” Wedgwood said.
“Colonial Fire and General has an excellent reputation and an admirable business record,” said Katherine Bardswick, COO of both The Canadian Union and The Sovereign General. “We look forward to building on that record and to strengthening our presence in the personal lines business in Atlantic Canada.”
-IE Staff