QUEBEC CITY, Sept. 30 2008 – On August 25, La Capitale Financial Group announced that its subsidiary La Capitale General Insurance had entered into an agreement to acquire the Mississauga, Ontario-based property and casualty insurer York Fire & Casualty Insurance. Today, La Capitale is pleased to announce that this acquisition has been given the green light following regulatory approval of the agreement.
According to John Strome, President and Chief Operating Officer of La Capitale General Insurance Inc., “La Capitale is proud to be able to count on the strong network of York Fire & Casualty Insurance, which brings together over 200 insurance brokers operating from more than 350 offices throughout Ontario and Alberta, to develop the Canadian market. In future years, we intend to capitalize on the strength of this existing network by putting into place all of the support and resources necessary to expand it further and enhancing products and services.”
“This news is highly positive for La Capitale Mutual members. This latest acquisition underlines the growth of the entire Financial Group and clearly demonstrates its outstanding financial health. It will further strengthen the foundations of the Group and enable the assets of our Mutual members to flourish,” explains Jean-Yves Dupéré, Chairman of the Board and Chief Executive Officer of La Capitale Civil Service Mutual.
In 2006, La Capitale acquired Ontario-based life and health insurer Penncorp, opening the door to the rest of Canada for the distribution of the company’s accident and disability products. The acquisition of York Fire & Casualty Insurance will enable La Capitale to further strengthen and extend its market presence across Canada.
About La Capitale
With a strong presence across Quebec, and, since 2006, increasingly present throughout Canada, La Capitale Financial Group has $2.8 billion in assets, employs over 2,226 people and provides financial products and services to the general public as well as to 600,000 members working for over 900 institutions in the Quebec public and parapublic sectors.
Its subsidiary La Capitale General Insurance Inc. is experiencing impressive growth and now ranks among the five largest property and casualty insurers in Quebec. Including its wholly-owned brokerage distribution subsidiary L’Unique General Insurance, La Capitale General Insurance generates some $472 million in written premiums and employs nearly 1,000 individuals across Quebec, making the company an industry leader in property and casualty insurance. www.lacapitale.comTags: La Capitale