Merger creates one of the largest providers in Canadian travel insurance: Allianz Global Assistance
Jan 8, 2015
KITCHENER, ON and GUELPH, ON, Jan. 8, 2015 /CNW/ - Allianz Worldwide Partners and The Co-operators today announced the completion of the merger of their respective Canadian travel insurance companies. The merger of Allianz Global Assistance Canada and TIC Travel Insurance Coordinators, first announced in September, has created one of the largest travel insurance providers in the country, operating as Allianz Global Assistance.
The combined entity will leverage the strengths of the two organizations to offer industry-leading products and services for Canadian travellers and visitors to Canada. Dr. Daniel Wichels, who served previously as the Chief Financial Officer of Allianz Global Assistance for the Americas, has been appointed as Chief Executive Officer for Allianz Global Assistance in Canada.
"The closing of the merger between Allianz Global Assistance Canada and TIC Travel Insurance Coordinators represents the beginning of an exciting new chapter for our organization. As a combined entity, we are better positioned than ever before to provide innovative travel insurance products and distribution solutions to our valued partners. In turn, we will be able to help even more Canadians with unparalleled global support when they travel abroad," says Wichels. "While we work to fully integrate our operations, we will continue to deliver on our commitment to world-class service for our partners and customers. Fortunately, we have already started to establish a strong sense of unity among our employees, which will be a key to the long-term success of our merger."
Allianz Worldwide Partners S.A.S., the parent company of Allianz Global Assistance Canada, owns 55 per cent of the combined legal entity, AZGA Service Canada Inc. Co-operators Life Insurance Company owns 45 per cent. The combined legal entity includes subsidiaries AZGA Insurance Agency Canada Ltd and SelectCare Worldwide Corp. Allianz Global Assistance will offer travel insurance products underwritten by its established underwriter partners.
There will be no changes to any in force policies purchased through TIC or Allianz Global Assistance, and no interruption in service to clients.
About Allianz Global Assistance:
How can we help?
International leader in Assistance, Travel Insurance and health, life & home care services, today Allianz Global Assistance's global family counts more than 13,224 employees who live to help. They speak 58 different languages and work throughout the world with a network of 400,000 service providers and 180 correspondents. 250 million people, or 4% of the world's total population, benefit from its services, which the Group provides on all five continents.
In Canada, Allianz Global Assistance has been assisting Canadian travellers for 25 years, and is a leading consumer specialty insurance and assistance company. Allianz Global Assistance offers travel insurance and unique assistance services such as international medical assistance and triage services. The company also serves as an outsource provider for in-bound call centre services and claims administration for health insurers, property and casualty insurers and credit card companies. Allianz Global Assistance is the registered business name for AZGA Service Canada Inc. and AZGA Insurance Agency Canada Ltd. For more information, visit http://www.allianz-assistance.ca/corporate.
About The Co-operators:
The Co-operators Group Limited is a Canadian-owned co-operative with more than $37 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 visit www.cooperators.ca.
SOURCE The Co-operators
For further information: Dan Keon, Allianz Global Assistance, 519-742-2800 ext. 52286; Leonard Sharman, The Co-operators, 519-767-3937