Desjardins finalizes acquisition, enhancing its market presence and expanding insurance offerings
Desjardins Group and The Insurance Company of Prince Edward Island (ICPEI) have confirmed the closing of their March transaction.
This acquisition aims to strengthen Desjardins General Insurance Group's position in the Canadian market and expand its property and casualty insurance activities, including offerings for businesses.
“Desjardins has big ambitions for entrepreneurs. We need to step up our coverage to meet their property and casualty insurance needs. ICPEI's expertise in broker distribution is going to help us expand our reach and access new markets so we can better meet the growing needs of Business Services members and clients across the country,” said Guy Cormier, president, and CEO of Desjardins Group.
The acquisition provides Desjardins with a broader range of commercial insurance products to meet business needs in a market where brokerage distribution is increasingly critical.
“ICPEI's goals are to expand insurance distribution across the country and develop business opportunities in new Canadian markets, and this acquisition is a concrete example,” added Serge Lavoie, president, and CEO of ICPEI.
ICPEI, now a wholly owned subsidiary of Desjardins, will continue to develop solutions and products for clients through its insurance brokers, complementing Desjardins Group's direct distribution approach and network of exclusive agents.
Desjardins will leverage its strength to further ICPEI's development and growth.
The group aims to expand particularly in the property and casualty insurance, life and health insurance, and wealth management sectors.
