The Co-operators Acquires Drost Insurance Brokerage
Nov 3, 2014
GUELPH, ON, Nov. 3, 2014 /CNW/ - Co-operators General Insurance Company ("The Co‑operators") announced today that its wholly-owned subsidiary has purchased all of the issued and outstanding shares of a company that operates Drost Insurance Brokerage in Bath, New Brunswick (the "Brokerage"). The Brokerage's portfolio includes approximately $2 million in premiums from home, auto, farm and commercial insurance policies.
Current clients of the Brokerage will be notified of the change in ownership and their insurance coverage will remain in effect with no changes to their premiums or coverage for the current term of their policies. As current policies expire, clients will be offered comparable policies from The Co-operators.
"This acquisition fits well with our growth strategy, which calls for an expansion of our distribution system in the Atlantic region and throughout Canada," said Kathy Bardswick, President and CEO of The Co-operators. "We look forward to helping our new clients get the insurance and investment products they need to achieve financial security for themselves and their families."
Clients will enjoy the exemplary service of a leading national insurance co-operative and have access to a full suite of insurance products including home, auto, life, travel, commercial, farm and life insurance, as well as investment products and services.
Prior to the closing of this transaction, The Co-operators had 14 financial advisors throughout New Brunswick. The principal of the Brokerage, Michael Blanchard, will remain with The Co‑operators to help with the transition for a one-year period following the closing.
About The Co-operators:
The Co-operators Group Limited is a Canadian-owned co-operative with more than $36 billion in assets under administration. Through its group of companies it offers home, auto, life, group, travel, commercial and farm insurance, as well as investment products. The Co-operators is well known for its community involvement and its commitment to sustainability. The Co-operators is listed among the 50 Best Employers in Canada by Aon Hewitt; Corporate Knights' Best 50 Corporate Citizens in Canada; and the Top 50 Socially Responsible Corporations in Canada by Sustainalytics and Maclean's magazine. For more information please visit www.cooperators.ca.
SOURCE The Co-operators
For further information: Leonard Sharman, The Co-operators, 519-767-3937