Boston-based Liberty Mutual Group announced that the sale of its Canadian personal lines business, consisting of private passenger automobile, homeowners and personal property insurance, to Meloche Monnex, Inc., a member of TD Bank Financial Group, has been completed.
“The transaction, which received approval of the Canadian regulatory authorities, includes the transfer of approximately 350,000 automobile and homeowners insurance policies and $300 million (C$390 million) in direct written premiums to Meloche Monnex,” said the bulletin.
“We are confident our former Canadian Region employees and customers are in excellent hands with Meloche Monnex,” stated Liberty Mutual Executive Vice President J. Paul Condrin. “With this transaction now complete, we can focus 100 percent of our growth efforts on our profitable domestic business.”
Meloche Monnex Inc. provides home and auto insurance services to individuals, operating under two principal brands – Meloche Monnex and TD Insurance Home and Auto. The company is the leading organization in affinity marketing in Canada, offering its services to members of professional and university alumni organizations, employer groups and the public in general. It has 1 million policies in-force, and a premium volume exceeding C$1 billion (U.S. 760 million) prior to this transaction. The company employs 1,900 people across Canada, with offices in Calgary, Edmonton, Toronto, Montreal and Halifax.
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