Meloche Monnex Inc. announced today that it has completed the acquisition of the personal lines of Boston-based Liberty Mutual Group’s property and casualty operations in Canada.
Financial terms for the home and automobile insurance business were not disclosed.
The deal, originally announced on Janurary 20, makes Meloche Monnex Canada’s largest direct-response insurer and one of the country’s top four property and casualty insurers in personal lines, serving more than 1,300,000 policyholders with a total of $1.4 billion in written premiums for 2003.
“We are very pleased that we have been able to conclude this transaction as planned and welcome our colleagues at Liberty Mutual to Meloche Monnex,” said Alain Thibault, president and CEO of Meloche Monnex, in a news release. “The addition of Liberty Mutual’s broad-based clientele, including employer groups, and the expertise of its personnel, reinforces Meloche Monnex’s position as an insurance leader and its presence in strategic markets.”
All policies of former Liberty Mutual personal lines clients in Canada will be insured by Liberty Insurance Co. of Canada, a wholly owned subsidiary of Meloche Monnex effective at closing. For policyholders, the transition will be seamless, the company says.
The only change that former Liberty Mutual clients will note is the gradual phasing out of the use of the Liberty Mutual logo. It will be replaced by the TD Insurance Home and Auto logo, a brand used by Meloche Monnex subsidiaries. Meloche Monnex is member of TD Bank Financial Group.
Meloche Monnex closes deal for Canadian operations of Liberty Mutual
Becomes Canada’s largest direct-response P&C insurer in personal lines
- By: IE Staff
- April 2, 2004 April 2, 2004
- 14:10