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Regina, SK (Aug. 9, 2016) – Knight Archer Insurance has reached an agreement to acquire Conexus Insurance, the insurance subsidiary of Conexus Credit Union. Under the deal, which closes September 6, Knight Archer will acquire all seven of Conexus Insurance’s service locations and a mixed portfolio of personal, commercial and agricultural insurance policies.
The purchase, which allows Knight Archer Insurance to strengthen its operations and expand its reach across the province, follows a recent acquisition in Yorkton, Saskatchewan.
“Growth benefits our customers,” says Doug Archer, CEO of Knight Archer. “Our customers now have access to the province’s most extensive service network, and we can offer a growing range of insurance products by managing the largest personal insurance portfolio in Saskatchewan.”
Cary Ransome, Conexus Credit Union Chief Operating Officer and Conexus Insurance CEO, says the sale will allow the credit union to strengthen its focus on delivering core financial services.
“Our original intent was to fully integrate general insurance into our core financial service offering. That hasn’t been possible within the current regulatory environment, which isn’t likely to change any time soon.”
All policies held by Conexus Insurance clients will remain intact, with no changes to premiums or coverage for the current term. All 40 Conexus Insurance staff will be offered positions with Knight Archer. Ransome says this was an important point in the negotiations.
“We’re confident Conexus Insurance clients and staff will be in good hands,” says Ransome. “We chose Knight Archer because it shares many of the values Conexus holds dear. It’s an award-winning, Saskatchewan-based company with an excellent reputation in the community and the industry.”
“We are excited about the future of insurance,” says Archer. “Technology is creating new opportunities in our industry, and Knight Archer is investing heavily to ensure our customers have access to great online services and expertise.”
Conexus is Saskatchewan’s largest and Canada’s sixth largest credit union. It employs more than 900 employees, who serve more than 120,000 members.
About Knight Archer Insurance
Knight Archer Insurance is a full-service insurance brokerage that will now employ approximately 160 staff members across 14 locations and is one of the fastest-growing insurance brokerages in Canada. For more information, visit www.knightarcher.com.
SOURCE: Knight Archer Insurance