Calgary, AB (Jan. 18, 2019) – Besurance Corporation (“Besurance”), a Calgary-based insurance and technology company, announces it has entered into an acquisition agreement to purchase Fenchurch General Insurance Company (“Fenchurch”). Through this acquisition Besurance aims to bring insurance back to its communal roots and strengthen the relationships between the insured, insurance brokers and Fenchurch.
“Besurance is excited to acquire Fenchurch and welcomes their proven team of insurance professionals,” stated Minaz Lalani, FCIA, Chairman of Besurance. “This acquisition aligns with our organization’s values. Our objective is to leverage technology to innovate traditional insurance concepts by evolving and modernizing solutions that are more closely aligned with customers’ needs.”
Besurance’s vision is to identify and close the gap between the coverage consumers have available to them and the protection they actually need. Besurance achieves this by understanding marketplace deficiencies, improving insurance products and wrapping them in social technology. This approach enables Besurance to restore a many to many, community element that encourages idea sharing, innovation and a participatory culture.
“We are pleased to join the Besurance group of companies,” said Fenchurch President, Steve Brown. “We will continue to provide unique, customer-driven solutions to our new and existing clients. Our leadership and professional insurance team looks forward to applying Besurance’s differentiated capabilities to enhance customer experience and deliver unparalleled value while maintaining our service to existing markets.”
Fenchurch pursues and supports the growth of strategic alliances within existing lines of business as well as new specialty line programs. Fenchurch offers competitive products accompanied by excellent support to partners, brokers and customers. Products are and will be distributed through respected third-party administrators, brokers and agents who share the vision of writing profitable business. Fenchurch will continue to operate from its office in Mississauga, Ontario.
The transaction is projected to close in the first half of 2019.
About Besurance
Besurance Corporation is an Alberta-based, privately-held insurance and technology incubator/innovator comprised of three work streams that include an MGA (AIME Financial), You 2.0 (Dynamic lifestyle underwriting through a health and wellness platform) and Besure (Software as a Service facilitating social insurance, peer to peer risk sharing and product incubation). For more information visit besurancecorporation.com.
About Fenchurch
Fenchurch General Insurance Company, an Ontario-based insurance company, has established itself as an innovative provider of property and casualty insurance to less-served markets across Canada. Fenchurch provides custom tailored, cost-effective insurance solutions to a wide range of companies in today’s fast-moving and ever-changing business environment.
SOURCE: Besurance Corporation
Tags: Acquisition, Besurance, Fenchurch
