Toronto, ON (Nov. 4, 2016) – The ARAG Group continues to pursue its international expansion strategy. The Düsseldorf family-owned enterprise has now launched operations in Canada with the newly founded ARAG Services Corporation. The new company develops legal insurance products and manages underwriting, sales and marketing activities in the Canadian market while Brit Syndicate at Lloyd’s is the assigned risk carrier. Canadian Peter Talacek heads the ARAG subsidiary based in Toronto. ARAG Services Corporation is an authorized Coverholder of Lloyd’s.
“Canada follows Denmark as the second newly opened market added to ARAG’s country portfolio. We are now operating in 17 countries. Canada offers us extraordinarily interesting growth prospects, as legal insurance is largely unknown there,” explains Paul-Otto Faßbender, Chairman, CEO and majority shareholder of the ARAG Group. “The international legal insurance business is a major pillar of our business strategy. ARAG recorded 7.7 percent growth in this segment alone and EUR 511.2 million in premium income last year. ARAG has been successfully engaged in international business operations for 54 years. We entered the US market in 1989 and have since established a strong market position there,” he adds.
Initially, the ARAG Services Corporation will be operating in the three provinces of Ontario, British Columbia and Alberta. The product range comprises legal insurance for employment, traffic and contractual matters as well as legal issues that arise in connection with property dispute or identity theft. It also includes legal services, such as a telephone legal advice and an online database containing various downloadable legal documents. The company focuses above all on group policies for private customers and small and mid-sized companies, which are sold through insurance brokers as well as unions and associations.
“We offer an impressive combination of outstanding products and excellent customer services for the Canadian market,” explains Peter Talacek. “Demand is strong in Canada, since many people fail to realize just how quickly they can become involved in legal disputes. Employment issues, defective goods, and tax matters can be very complicated and costly. We support our customers by enabling them to assert their rights – regardless of their financial standing,” he adds. Peter Talacek has been employed in the Canadian insurance industry since 1996. Among other positions, he has worked for the Arch Insurance Group, Liberty International Underwriters, AIG and as a corporate consultant.
About ARAG
ARAG is the largest family-owned enterprise in the German insurance industry and has positioned itself as a versatile quality insurer. In addition to specializing in legal insurance, ARAG also offers its customers needs-based products and services from a single source through its strong subsidiaries in the German composite, health and life insurance segments. Active in 17 countries – including the US and Canada – ARAG is also represented by international branches, subsidiaries and shareholdings in numerous international markets in which it holds a leading positions as a provider of legal insurance and legal services. With 3,800 employees, the Group generates revenue and premium income totaling more than 1.7 billion EUR. For more information, www.arag.com.
Source: ARAG
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