GUELPH, ON, May 5, 2006 – Today The Co-operators Group Limited announced the addition of the F�d�ration des coop�ratives d’alimentation du Qu�bec (FCAQ) to its membership group. The Co-operators is now owned by a total of 33 Canadian co-operatives and like-minded organizations.
The FCAQ is a food co-operative whose 62 members operate throughout the province of Quebec. With combined revenues in excess of $450 million, the co-operatives operate 67 stores that employ more than 2,500 people. The 62 member organizations have a combined membership of 125,000 individuals.
“Joining the membership of The Co-operators will not only benefit our members, but will strengthen our ties with the Canadian co-operative sector as a whole,” said Marcel Pichette, CEO of the FCAQ. “We are very pleased to be joining an organization that is committed to co-operative values and that gives back so much to our communities.”
In 2005, The Co-operators invested more than $3.3 million in Canadian communities through contributions to support emerging and expanding co-operatives, charitable organizations and community safety programs. The organization also disbursed $10.6 million to its members through the Member Loyalty program.
“The FCAQ brings a new perspective and strengthens our membership,” said Kathy Bardswick, president and CEO of The Co-operators. “This addition will create new business opportunities, and the FCAQ will enjoy the benefits of participating in a strong, growing financial services co-operative.”
A co-operative is an organization owned and democratically controlled by members who use its services. The Co-operators is a group of co-operatively owned Canadian companies focussing on insurance, as well as investment products and property development. The companies, including Co-operators General Insurance Company, Co-operators Life Insurance Company, L’Union Canadienne, The Sovereign General Insurance Company and HB Group Insurance, provide insurance protection to more than a million Canadians. A member of the Imagine group of companies, The Co-operators is well known for its philanthropy and support for the co-operative sector.