Co-operators General Expands Quebec Agency Force by Acquiring Assurance Auclair

The Co-operators General Insurance Co. in Montreal has purchased Assurance Auclair located in Quebec City. The brokerage’s portfolio includes personal and commercial insurance policies.

“We have seen steady growth in Quebec during the past seven years, and this is another step on our journey to expand our agency distribution system throughout the province,” said Rob Wesseling, president and CEO of The Co-operators.

The Co-operators Group Limited is a Canadian co-operative with more than $47 billion in assets under administration.

First Quarter

On May 1, Co-operators General reported its first quarter results. Consolidated net income was $34.6 million compared to net income of $39.3 million for the same quarter in 2016. This resulted in an earnings per common share of $1.55 for the quarter compared to $1.78 in the same period last year.

The company saw improvements in direct written premiums during the first quarter which it said were attributable to growth in policy and vehicle count in all lines of business paired with higher average home and farm premiums. In the first quarter, DWP increased by 4.0 percent or $20.8 million to $540.3 million.

The combined ratio was 102.5 compared to 95.6 for the same period last year.

“It is common for severe weather to be a factor in the first quarter, and that was the case this year as windstorms in Ontario and the Atlantic made an impact on our results. Claims costs increased compared to the same period the year prior in our home, auto and commercial lines of business,” said Rob Wesseling, president and CEO of The Co-operators. “We continue to achieve good growth, as we increased direct written premium across all lines of business. That partially offset the increased claims costs, as did an improvement in our investment performance.”

Source: The Co-operators

Topics Mergers & Acquisitions