DAS Canada and Temple Insurance announce new MGA agreement
Toronto, ON (Jan. 31, 2018) – DAS Canada will join and shift its risk carrying capacity to Temple Insurance, the insurance carrier of Munich Re in Canada, to advance as one in further growing and leading the Legal Expense Insurance market in Canada.
Ownership of DAS Canada will jointly be held between Munich Re, Canada and ERGO International. DAS Canada will assume the role of a Managing General Agent (MGA) and continue to handle all Legal Expense Insurance sales, marketing, underwriting, administration, customer service and claims handling as before. The transaction is scheduled to be finalized in the third quarter of 2018.
“Transforming DAS Canada into an MGA in charge of handling the strong and growing legal expense business, while using Temple Insurance as the risk carrier will be beneficial to both sides involved, as well as to our broker and insurance partners,” says Philipp Wassenberg, CEO and President of Munich Re of Canada and Temple Insurance. For DAS policyholders, nothing will change and they will benefit from an even stronger risk management and financial security level, as their new legal expense insurance carrier, Temple Insurance, is part of one of the world’s leading insurance companies. “This is an exciting new chapter in the evolution of DAS Canada, for our staff, partners and their customers, as we continue to build and lead the legal expense insurance market,” says Barbara Haynes, CEO of DAS Canada.
DAS Canada and Temple will advance as one, with a common mission to provide access to justice for Canadian individuals and small business owners.
About Munich Re
Munich Re stands for exceptional solution-based expertise, consistent risk management, financial stability and client proximity. This is how Munich Re creates value for clients, shareholders and staff. In the financial year 2016, the Group – which combines primary insurance and reinsurance under one roof – achieved a profit of €2.6bn. It operates in all lines of insurance, with over 43,000 employees throughout the world. With premium income of around €28bn from reinsurance alone, it is one of the world’s leading reinsurers. Especially when clients require solutions for complex risks, Munich Re is a much sought-after risk carrier. Its primary insurance operations are concentrated mainly in ERGO.
Munich Reinsurance Company of Canada is Canada’s leading non-life reinsurer with offices in Toronto and Vancouver. Temple Insurance Company, a member of the Munich Re Group, underwrites with a focus on large industrial and commercial business, providing quality capacity and engineering services for accounts requiring dedicated placements for Property, Casualty, Construction and Oil & Gas. Temple Insurance also underwrites with a focus on niche and segmented products and programs. Our clients are managing general agents, managing general underwriters, and program administrators that provide the Canadian marketplace with unique products enriched by expert underwriting, superior business knowledge and responsive service.
ERGO is one of the major insurance groups in Germany and Europe. Worldwide, the Group is represented in over 30 countries and concentrates on Europe and Asia. Within the group, three entities manage domestic and international business, as well as digital and direct business (ERGO Deutschland, ERGO International and ERGO Digital Ventures). About 44,000 people work for the Group, either as salaried employees or as full-time self-employed sales representatives. In 2016, ERGO recorded a premium income of 17 billion euros and rendered benefits to customers of 16 billion euros. ERGO is part of Munich Re, one of the world’s leading reinsurers and risk carriers. More at www.ergo-group.com
About DAS Canada
DAS Canada is a full-service specialist in Legal Expense Insurance. Working with brokers and insurer partners across the nation, we empower group and association members, individuals, and business owners when they face unexpected legal issues. A DAS policy offers customers financial protection against costly legal expenses, allows them to defend and pursue their legal rights, and gives them unlimited access to general legal advice at any time. We lead the Legal Expense Insurance market in Canada and are committed to creating access to justice for Canadians. DAS Canada is part of DAS Group, the global market leader in Legal Expense Insurance and a subsidiary of ERGO – the primary insurer of the Munich Re Group. Legal Expense Insurance is underwritten by DAS Legal Protection Insurance Company Limited. To learn more, please visit www.das.ca.
This press release contains forward-looking statements that are based on current assumptions and forecasts of the management of Munich Re. Known and unknown risks, uncertainties and other factors could lead to material differences between the forward-looking statements given here and the actual development, in particular the results, financial situation and performance of our Company. The Company assumes no liability to update these forward-looking statements or to conform them to future events or developments.
SOURCE: DAS CanadaTags: DAS Canada, merger, Temple Insurance