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Canada’s Desjardins Completes Purchase of Insurance Company of Prince Edward Island

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Desjardins Group and The Insurance Company of Prince Edward Island (ICPEI) have confirmed that the transaction announced in March 2024 has closed.

Financial details of the deal were not disclosed.

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With this acquisition, Desjardins General Insurance Group aims to expand the footprint of its property and casualty insurance activities in the Canadian market as well as its offer 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.

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This acquisition gives Desjardins access to a wider variety of commercial insurance products so it can meet the needs of businesses 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. Desjardins’ financial strength will allow us to be a more important player faster in the brokerage insurance sector,” commented Serge Lavoie, President and CEO of ICPEI.

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ICPEI, which is now a wholly owned subsidiary of Desjardins, will continue to develop solutions and products for clients. It will continue to offer its products through the insurance brokers who work with ICPEI, as a complement to Desjardins Group’s direct distribution approach and network of exclusive agents. Desjardins will use its strength it further ICPEI’s development and growth.

This deal and Desjardins Group’s recent acquisition of Guardian Capital Group Ltd.’s life and health insurance and individual savings distribution activities “are clear examples of Desjardins Group’s drive to grow across Canada, especially in the property and casualty insurance, life and health insurance and wealth management sectors,” the company said.

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About Desjardins and ICPEI

Desjardins Group is the largest cooperative financial group in North America and the fifth largest in the world, with assets of C$435.8 billion as at March 31, 2024. in the industry.

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Founded in 1998, ICPEI Holdings Inc. operates in the Canadian property/casualty insurance industry through its wholly owned subsidiary, The Insurance Company of Prince Edward Island (ICPEI). ICPEI distributes commercial and personal insurance products exclusively through the broker channel.

Source: Desjardins Group

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