CIBC completed the sale of its property and casualty insurance companies–The Personal Insurance Company of Canada and CIBC General Insurance Company Limited–to Desjardins- Laurentian Financial Corporation (DLFC) for gross proceeds of approximately $365 million (US $248 million) and an after-tax gain of approximately $100 million (US $68 million).
The sale transaction was completed August 31, 2000 and the gain will be reflected in CIBC’s fourth quarter results. The transaction received the required federal regulatory approval. The decision to sell the property and casualty businesses is aligned with CIBC’s strategy to build shareholder value by focusing on and allocating capital to core businesses that offer the best returns on investment. CIBC remains committed to providing insurance products to its clients.
Going forward, CIBC Insurance Services Division will focus on distributing life insurance including creditor, travel medical and other related insurance products. CIBC is one of North America’s largest financial institutions with $267 billion (US$181 billion) in assets and more than eight million personal banking and business customers. CIBC offers a full range of products and services through its comprehensive electronic banking network, branches and offices across Canada, in the United States and around the world.
Topics USA Property Casualty
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