CALGARY, May 14, 2013 /CNW/ - Today, The Sovereign General Insurance Company proudly celebrates its 60thAnniversary!
Established in May of 1953 as Merit Insurance Company, a subsidiary of Industrial Acceptance Corporation (IAC) and based in Montreal, the company originally focused primarily on personal lines of insurance. By the end of the 1960's, Merit Insurance had grown to employ almost one hundred staff with branch offices in several cities across Canada. The company moved its operations to Toronto in 1969, where another IAC subsidiary was housed, The Sovereign Life Insurance Company. By 1974, the two companies merged, with Merit Insurance becoming The Sovereign General Insurance Company.
By the late 1970's, Alan Graham, a dynamic entrepreneur from Calgary, purchased The Sovereign General from IAC and in 1979 its operations were moved to Calgary.
In 1984, under the leadership of then-CEO Terry Squire, The Sovereign changed its strategic direction, and began to emphasize commercial lines of insurance, distributing its products solely through independent brokers acrossCanada. The 1980s would bring more changes to The Sovereign, when in April 1987 it was acquired by The Co-operators, becoming a member of the co-operatively-owned group of insurance and financial services companies.
Today, The Sovereign remains headquartered in Calgary, with 270 staff operating in eight regional and services offices from coast to coast. The Sovereign provides solutions for the specialized and complex insurance needs of Canadian businesses through a national independent brokerage network. With $295.8 million in gross written premium, 2012 was Sovereign's most productive year, as it grew its Commercial Property and Commercial Automobile portfolios by more than 7 per cent.
The Sovereign is proud of the continuous hard work of its talented employees, and is excited to once again be recognized as one of the Best Small and Medium Employers in Canada.
The Sovereign continues to support its national "charity of choice," The Children's Wish Foundation of Canada. Since the inception of this partnership in 2005, The Sovereign has donated over $1.6 million to the organization. Both its staff and broker partners have enhanced this donation through their fundraising efforts.
The company will be celebrating its 60th anniversary throughout 2013 with special events planned for staff and broker partners.
SOURCE: Sovereign General Insurance Company
For further information:
Assistant Vice President
Broker Relations and Corporate Marketing
The Sovereign General Insurance Company