Canadian financial cooperative Desjardins Group, through its subsidiary Desjardins General Insurance Group, has completed the acquisition of all the outstanding shares of the Insurance Company of Prince Edward Island (ICPEI) Holdings.
While financial details of the deal remain undisclosed, the acquisition is a strategic move to diversify and strengthen Desjardins’ insurance offerings in Canada.
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ICPEI Holdings, established in 1998, has been a significant player in the Canadian insurance industry, offering a suite of property and casualty (P&C) insurance solutions.
These products are distributed exclusively through the broker channel by its subsidiary, ICPEI, which focuses on personal and commercial insurance.
The acquisition follows a definitive agreement signed a few months ago between Desjardins Group and ICPEI Holdings for the indirect purchase of all issued and outstanding shares of ICPEI.
Desjardins picked a minority interest in ICPEI in February last year.
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By GlobalDataBy acquiring ICPEI, Desjardins General Insurance Group aims to strengthen its position in the Canadian market and broaden its P&C insurance activities, including services for businesses.
The transaction is anticipated to enable Desjardins to diversify its insurance offer and enhance its services for small and medium-sized businesses across Canada.
It also grants Desjardins access to a broader range of commercial insurance products, addressing the needs of businesses in a market where brokerage distribution plays a pivotal role.
Desjardins plans to integrate ICPEI’s home, auto and commercial insurance activities into its operations.
Now a wholly owned subsidiary of Desjardins, ICPEI will continue to develop insurance solutions and products for its clients.
It will maintain its product offerings through the insurance brokers partnered with ICPEI, complementing Desjardins Group’s direct distribution methods and network of exclusive agents.
Desjardins intends to leverage its strengths to support ICPEI’s ongoing development and growth.
Desjardins Group president and CEO Guy Cormier said: “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.”
ICPEI president and CEO Serge Lavoie added: “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.”
