The Co-operators acquires majority of The Edge Benefits
May 5, 2015
GUELPH, ON and NEWMARKET, ON, May 5, 2015 /CNW/ - The Co-operators announced today that it has purchased a majority interest in The Edge Benefits. The current management team will remain in place and The Edge Benefits will continue to operate independently.
The Edge Benefits is a successful, financially strong company that will benefit from the backing of a national multi-product insurance company. The Co-operators will help ensure its continued stability and long-term success in promoting its best-in-class product offerings from leading Canadian insurers.
"This was a natural fit, as the two organizations share similar values and have an established successful relationship," said Kathy Bardswick, president and CEO of The Co-operators. "We look forward to the future, as The Edge Benefits will continue to operate independently, with the same business model and management team."
The two organizations have enjoyed a strong and successful relationship since 2013, with Co-operators Life Insurance Company supplying simplified disability products through The Edge Benefits.
"The completion of this transaction will enable the EDGE brand to continue its dominant position in providing lifestyle protection plans to the self-employed marketplace," said David Prince, one of two co-founding partners of the EDGE, along with Jeff Neale. "With The Co-operators, we foresee significant synergies that will build on the legacy we have established over the past 30 years."
To enable business continuity, Mr. Prince will continue as Chairman of the Board of Directors of The Edge Benefits until December, 2017.
About The Co-operators:
The Co-operators Group Limited is a Canadian-owned co-operative with more than $38 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.
About The Edge Benefits:
The Edge Benefits takes a simplified approach to offering complex living benefit solutions to Canadian consumers. It provides the self-employed and small business owner with insurance solutions specifically designed to meet their needs. Located in Newmarket, Ontario, the Edge Benefits has 80 employees and more than 45,000 policyholders. Approximately 14,000 licensed insurance advisors across Canada select the EDGE products when offering living benefit solutions that meet their clients' needs. For more information, please visit www.edgebenefits.com.
SOURCE The Co-operators
For further information: Leonard Sharman, The Co-operators, 519-767-3937; Lorain Keeso-Perri, The Edge Benefits, 905-710-1255