Vancouver City Savings Credit Union and The Co-operators Tuesday announced an agreement for the sale of Vancity Insurance Services Limited (VISL), Vancity’s subsidiary for home, auto, travel and business insurance.
VISL is a wholly owned subsidiary of Vancity that provides insurance through 17 retail branches in Greater Vancouver and Victoria, as well as an inbound call centre. The VISL portfolio includes approximately 28,000 residential, 48,000 auto, 10,000 travel and 2,000 commercial insurance policies.
Under the terms of the agreement, pending final approvals, The Co-operators subsidiary, Federated Agencies Ltd, will acquire VISL, including all its service locations on September 1. VISL customers will be notified of the change in ownership, and their insurance coverage will remain in effect with no changes to their premiums or coverage for the current term of their policies.
VISL retail locations will begin to operate under The Co-operators brand September 2.
The purchase of VISL will significantly expand the presence of Guelph, Ont.-based The Co-operators e in B.C., where it currently has 24 agent offices.
Vancity’s approximately 100 insurance staff will receive offers of employment from Federated.
Vancity will continue to offer life, creditor and title insurance as part of its overall financial services offering. Squamish Insurance Services is not part of the purchase agreement and will continue operations as usual, Vancity says.
“This acquisition fits well with our core business of insurance and supports our strategic growth strategy by expanding our presence and strengthening our agency distribution system in the province,” says Kathy Bardswick, president and CEO of The Co-operators. “This was a natural fit for both our and Vancity’s employees, customers, members and stakeholders, as the two Canadian-owned co-operatives have closely aligned values, cultures and commitment to communities.”
IE
Vancity to sell general insurance operation to The Co-operators
Staff to receive employment offers from Federated Agencies
- By: IE Staff
- July 21, 2009 July 21, 2009
- 13:15