REGINA, Feb. 9, 2004 – The Co-operators Life Insurance Company announced today it is investing in the growth and development of the Canadian travel insurance industry by acquiring the remaining 50 percent interest in the Trent Health group of companies from Canadian Insurance Marketing Inc. (CIMI). Co-operators Life Insurance Company is currently a 50 percent owner of Trent Health Insurance Company and Trent Health Insurance Services Corp., a managing general underwriter specializing in the design, distribution and administration of travel insurance products with 130 employees working out of the Toronto office.
Terms of the agreement, which is subject to certain conditions including regulatory approval, were not disclosed. The transaction is expected to close by the end of February. Co-operators Life also owns 100% of Vancouver based travel insurance managing general underwriter T.I.C. Agencies Ltd.
“We know from our past experience with Trent Health that this acquisition is a natural fit for us in an important and growing part of the insurance business,” said Dan Thornton, Chief Operating Officer of Co-operators Life. “It will help secure existing jobs and create new opportunities for staff of both companies in the future,” Mr. Thornton added.
Co-operators Life has appointed Ruth Simons, Vice-President of Travel Insurance and President of T.I.C. Agencies Ltd., to lead the growth of an integrated travel insurance operation. Ruth brings more than 20 years of experience in the travel insurance industry to her new role, which she describes as the most exciting challenge of her career. “As a service business, people are our greatest resource and we know that with this announcement we are bringing together some of the very best people working in our industry. Our customers will continue to be our number one focus, and we will now be in an even better position to serve them.”
“We believe full control by Co-operators Life moving forward will prove to be in the best interest of all concerned,” said Doug McIntyre, Chief Executive Officer of CIMI. CIMI’s senior management has been intimately involved in the development of Trent Health to this point. CIMI is an insurance investment development and holding company, whose other major interest in Canada is a 50 percent beneficial ownership of Echelon General Insurance Company.
Co-operators Life is the second largest member of the wholly Canadian-owned Co-operators group of companies. Offering a complete portfolio of life and health insurance products to individuals and employee or association groups, as well as individual and group retirement savings products, Co-operators Life is one of Canada’s top 15 life insurers with $3 billion assets under management.
Co-operators Vie acquiert la totalit� de La compagnie des services d’assurance Trent Sant�
REGINA, SK, le 9 f�v. 2004 – Co-operators Compagnie D’Assurance-Vie a annonc� aujourd’hui qu’elle investirait dans la croissance et le d�veloppement du secteur de l’assurance voyage au Canada, en acqu�rant 50 % des int�r�ts restants du groupe de soci�t�s Trent Sant�, des mains de Canadian Insurance Marketing Inc. (CIMI). Co-operators Compagnie D’Assurance Vie est pr�sentement propri�taire de 50 % des int�r�ts de La compagnie d’assurance sant� Trent Sant�, un souscripteur d’assurance g�n�rale, qui se sp�cialise dans la conception, la distribution et l’administration de produits d’assurance voyage, et compte 130 employ�s � ses bureaux de Toronto.
Les termes de l’accord, sous r�serve de certaines conditions, y compris ceux de l’approbation r�glementaire, n’ont pas �t� divulgu�s. La transaction devrait �tre finalis�e d’ici la fin de f�vrier. Co-operators Vie d�tient en plus la totalit� des int�r�ts des Agences T.I.C. lt�e, bureaux d’assurance voyage situ�s � Vancouver.
“Dans une volont� d’accro�tre nos int�r�ts dans le secteur de l’assurance, nous savons, en nous basant sur notre exp�rience pass� avec La compagnie des services d’assurance Trent Sant�, que cette acquisition nous convient parfaitement”, indique Dan Thornton, chef de la direction de Co-operators Vie. “Cela nous aidera � s�curiser les emplois existants et � ouvrir de nouveaux horizons pour les membres du personnel des deux soci�t�s”, ajoute M. Thornton.
La direction de Co-operators Vie a nomm� Ruth Simons, au poste de vice-pr�sidente de Travel Insurance et pr�sidente des Agences T.I.C. lt�e. Elle a assur� la mise en oeuvre de l’int�gration des services d’assurance voyage. Mme Simons, qui d�crit sa nomination comme le plus grand d�fi de sa carri�re, mettra au profit de l’entreprise plus de 20 ans d’exp�rience dans le secteur de l’assurance. “Comme notre entreprise oeuvre dans le secteur des services, les gens sont notre plus grande ressource et nous savons que cette acquisition nous donnera l’avantage de collaborer avec les gens les plus talentueux du secteur. Nos clients continueront d’�tre notre principal int�r�t et nous serons maintenant en meilleure position pour leur offrir des services
de qualit� sup�rieure.”
“Nous croyons que le fait de donner le plein contr�le � Co-operators Vie sera dans le meilleur int�r�t de tous”, de dire Doug McIntyre, chef de la direction de CIMI. La haute direction de CIMI a �t� intimement li�e au d�veloppement de Trent Sant� jusqu’� maintenant. CIMI est une soci�t� de portefeuille ax�e sur le d�veloppement de l’investissement dans le secteur de l’assurance, qui poss�de en plus 50 % des int�r�ts de Echelon, Compagnie D’Assurance G�n�rales.
Co-operators Vie est la deuxi�me plus grande des soci�t�s du groupe Coop�rateurs, groupe de soci�t�s de propri�t� enti�rement canadienne. Elle offre une gamme compl�te de produits d’assurance vie et maladie individuelle, ainsi que de l’assurance collective aux employ�s et associations, de m�me que des produits d’�pargne-retraite individuelle et collective. Co-operators Vie figure parmi les 15 premiers assureurs au Canada et compte un actif de plus de 3 milliards de dollars.
