Desjardins acquires the Insurance Company of Prince Edward Island

Desjardins had announced its intent to acquire ICPEI in full when it acquired a minority interest in 2023

Lévis, QC (Mar. 27, 2024) – Desjardins Group, through its subsidiary Desjardins General Insurance Group Inc., and ICPEI Holdings Inc. are pleased to announce that they have entered into definitive agreements for Desjardins to indirectly acquire all of ICPEI’s issued and outstanding shares. ICPEI Holdings operates The Insurance Company of Prince Edward Island (ICPEI) as a wholly owned subsidiary. This move will allow Desjardins to add ICPEI’s home, auto and commercial insurance activities to its operations. Desjardins has exercised its call option to acquire these shares ahead of the original plan.

Subject to regulatory authority approvals and other customary closing conditions, this acquisition will enable the organization to diversify its insurance offer and better meet the needs of small and medium-sized businesses in Canada. Given the solid expertise within ICPEI and its network of brokers, the company is an ideal partner to help Desjardins serve these clients more effectively.

“With this acquisition, we’re strengthening Desjardins’ position in the Canadian commercial insurance market. We’re committed to meet the changing needs of our business members and clients across Canada, and be proactive in our support. That’s why we’re very pleased to be able to count on ICPEI’s expertise in brokerage distribution of commercial insurance to expand our reach and access new markets,” said Guy Cormier, President and CEO of Desjardins. “With this additional expertise, I firmly believe that we’ll be able to perform even better with businesses, reinforcing our position as a key player in this segment of the Canadian market.”

Commercial insurance products will be offered through insurance brokers who work with ICPEI, as a complement to Desjardins Group’s direct channel and network of exclusive agents. Desjardins’ financial strength will bolster ICPEI’s development and growth.

According to Serge Lavoie, President and CEO of ICPEI, “This acquisition is clearly in line with ICPEI’s strategic goals to expand insurance distribution across the country and pave the way for even greater collaborations on the Canadian market. Desjardins is a strong financial leader, and this partnership will accelerate our growth to become a major player in insurance distribution with brokers.”

When Desjardins acquired a minority interest in February 2023, Desjardins General Insurance Group Inc. announced its interest in acquiring ICPEI over a 3 to 5 year horizon. The organization then decided to expedite this process, based on market conditions, opportunities and ICPEI’s progress on the commitments it had made to strengthen their partnership. This acquisition aligns with Desjardins’ ambitions to grow and be proactive in key sectors.

This acquisition is an important step for Desjardins, ICPEI and its partner brokers, who will now be able to better meet the needs of Canadian businesses and pursue growth in key sectors. In addition to this partnership with ICPEI, Desjardins Group also recently acquired the life and health insurance and individual savings distribution activities of Guardian Capital Group Limited. These acquisitions are clear examples of the organization’s drive to grow across Canada, particularly in the areas of property and casualty insurance, life and health insurance, and wealth management.

About Desjardins Group

Desjardins Group is the largest cooperative financial group in North America and the fifth largest in the world, with assets of $422.9 billion as of December 31, 2023. In 2023, it was named one of the top employers in Canada by both Forbes magazine and Mediacorp. To meet the diverse needs of its members and clients, Desjardins offers a full range of products and services to individuals and businesses through its extensive distribution network, its online platforms, and its subsidiaries across Canada. Ranked among the world’s strongest financial institution according to The Banker magazine, Desjardins has one of the highest capital ratios and one of the highest credit ratings in the industry.
About ICPEI Holdings Inc.. For more information, please visit

About ICPEI Holdings Inc.

Founded in 1998, ICPEI Holdings Inc. operates in the Canadian property and casualty insurance industry through its wholly owned subsidiary, the Insurance Company of Prince Edward Island (ICPEI). ICPEI provides commercial and personal lines of insurance exclusively through the broker channel.

Forward-Looking Statements

This press release may contain forward-looking statements. Such statements are typically identified by future and conditional verbs or words such as “expect” or “will” and other words and expressions of similar import. Forward-looking statements, by their very nature, are subject to inherent risks and uncertainties that may be general or specific and are based on assumptions that may give rise to the possibility that actual results or events could differ materially from expectations expressed in or implied by such forward-looking statements. Forward-looking statements contained in this press release may include, but are not limited to, those with respect to Desjardins’ and Guardian’s objectives and views regarding timing for closing of the acquisition, the acquisition itself, the operation of the acquired companies post-closing of the transaction, the satisfaction of closing conditions and obtaining of required regulatory approvals to close the acquisition, Desjardins’ post-closing life insurance premiums in force and assets under administration, and the ability of Guardian to grow its investment management business and deploy its capital post-closing. It is important to note that many factors could influence future results and could have an adverse effect on results. Desjardins and Guardian caution readers against placing undue reliance on forward-looking statements when making decisions. Desjardins and Guardian do not undertake to update any forward-looking statements that may be made herein, except as required under applicable law.

SOURCE: Desjardins Group

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