VANCOUVER, BC, and GUELPH, ON, July 21 2009 – Vancity and The Co-operators today announced an agreement for the sale, pending final approvals, of Vancity Insurance Services Limited (VISL), Vancity’s subsidiary for home, auto, travel and business insurance.
VISL is a wholly owned subsidiary of Vancity that provides insurance through 17 retail branches in Greater Vancouver and Victoria, as well as an inbound call centre. The VISL portfolio includes approximately 28,000 residential, 48,000 auto, 10,000 travel and 2,000 commercial insurance policies.
Under the terms of the agreement, The Co-operators subsidiary, Federated Agencies Limited, will acquire VISL, including all its service locations on September 1, 2009. VISL customers will be notified of the change in ownership, and their insurance coverage will remain in effect with no changes to their premiums or coverage for the current term of their policies. VISL retail locations will begin to operate under The Co-operators brand September 2.
Vancity’s approximately 100 insurance staff will receive offers of employment from Federated Agencies Limited, a subsidiary of The Co-operators. The purchase of VISL will significantly expand The Co-operators presence in British Columbia, where it currently has 24 agent offices.
Vancity will continue to offer life, creditor and title insurance as part of its overall financial services offering. Squamish Insurance Services is not part of the purchase agreement and will continue operations as usual.
“This is a positive opportunity for our business, our membership, customers and staff. The Co-operators aligns to our values and has the right experience and expertise to serve our members,” said Tamara Vrooman, President and CEO of Vancity. “We will return better value for our members and communities through this sale than we would by continuing to operate the business ourselves. The proceeds will be reinvested to further enhance member service and support our employees with improved systems, processes and training at the credit union.”
“This acquisition fits well with our core business of insurance and supports our strategic growth strategy by expanding our presence and strengthening our agency distribution system in the province,” said Kathy Bardswick, President and CEO of The Co-operators. “This was a natural fit for both our and Vancity’s employees, customers, members and stakeholders, as the two Canadian-owned co-operatives have closely aligned values, cultures and commitment to communities.”
About The Co-operators
Based in Guelph, Ontario, The Co-operators is a group of Canadian companies offering home, auto, life, group, travel, commercial and farm insurance, as well as investment products. The Co-operators Group Limited is a 100 per cent Canadian-owned co-operative with assets of more than $7 billion. It is owned by a group of Canadian co-operatives, credit union centrals and like-minded organizations. The Co-operators is well known for its community involvement, and is listed among the “50 Best Employers in Canada.” www.cooperators.ca
About Vancity (Vancouver City Savings Credit Union)
Vancity is Canada’s largest credit union, with $14.5 billion in assets, more than 400,000 members, and 60 branches throughout Greater Vancouver, the Fraser Valley, Victoria and Squamish. Vancity is guided by a commitment to improving the quality of life in the communities where we live and work. www.vancityinsurance.com
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Vancity vend sa division d’assurances g�n�rales � Co-operators
VANCOUVER, C-B, et GUELPH, ON, le 21 juill. 2009 – Vancity et Co-operators ont annonc� aujourd’hui avoir conclu une entente sur la vente, sous r�serve des approbations finales, de Vancity Insurance Services Limited (VISL), la filiale de Vancity qui offre de l’assurance habitation, automobile, voyage et commerciale.
VISL est une filiale en propri�t� exclusive de Vancity, qui fournit de l’assurance par l’entremise de 17 succursales situ�es dans la r�gion m�tropolitaine de Vancouver et Victoria ainsi que d’un centre d’appels. Le portefeuille de VISL comprend des polices d’assurance couvrant pr�s de 28 000 r�sidences, 48 000 voitures, 10 000 voyages et 2 000 entreprises.
Selon les conditions de l’entente, Federated Agencies Limited, une filiale de Co-operators, fera l’acquisition de VISL, y compris tous ses points de service, le 1er septembre 2009. Les clients de VISL seront avis�s de ce changement de propri�t�, et leur couverture d’assurance demeurera en vigueur aux m�mes conditions de prime et de protection pour la p�riode d’assurance en cours. Les points de service de VISL commenceront � utiliser la marque Co-operators le 2 septembre.
La centaine d’employ�s de la division d’assurance de Vancity recevront une offre d’emploi de la part de Federated Agencies Limited, une filiale de Co-operators. Comptant des agents dans 24 bureaux en Colombie-Britannique, Co-operators accentuera sensiblement sa pr�sence dans cette province gr�ce � l’achat de VISL.
Vancity continuera d’offrir de l’assurance vie, de l’assurance cr�anciers et de l’assurance titres dans le cadre de son offre globale de services financiers. Il est � noter que Squamish Insurance Services ne fait pas partie de l’entente et poursuivra ses activit�s comme � l’habitude.
“Il s’agit d’une belle occasion pour notre entreprise, nos membres, notre client�le et notre personnel. Co-operators a les m�mes valeurs que nous, ainsi que l’exp�rience et l’expertise n�cessaires pour desservir nos membres”, souligne Tamara Vrooman, pr�sidente et chef de la direction de Vancity. “En raison de cette vente, nous pourrons offrir � nos membres et � nos collectivit�s un meilleur rendement que nous n’aurions pu le faire en continuant d’exploiter l’entreprise nous-m�mes. Le produit de la vente sera r�investi pour rehausser le service � nos membres et pour renforcer le soutien � nos employ�s par l’entremise de syst�mes, de processus et de formation am�lior�s � la caisse d’�pargne et de cr�dit.”
“Cette acquisition correspond bien � nos activit�s principales d’assurance et appuie notre strat�gie de croissance, car elle amplifie notre pr�sence et consolide notre syst�me de distribution par les agences dans la province”, explique Kathy Bardswick, pr�sidente et chef de la direction de Co-operators. “Nous avons vu dans cette transaction une ad�quation parfaite pour les employ�s, la client�le, les membres et les partenaires de Vancity, puisque nos deux entit�s sont des coop�ratives de propri�t� canadienne qui v�hiculent des valeurs, une culture et un engagement envers les collectivit�s tr�s similaires.”
A propos de Co-operators
Co-operators, dont le si�ge social se trouve � Guelph, en Ontario, regroupe des soci�t�s canadiennes sp�cialis�es en assurance habitation, automobile, vie, collective, voyage, entreprise et agricole, ainsi qu’en gestion de placements. Le Groupe Co-operators limit�e est une coop�rative enti�rement canadienne, et son actif s’�l�ve � plus de sept milliards de dollars. Il est d�tenu par des coop�ratives canadiennes, des caisses populaires et d’autres organisations � vocation semblable. Co-operators se distingue par sa participation communautaire et figure dans la liste des 50 employeurs de choix au Canada. www.cooperators.ca
A propos de Vancity (Vancouver City Savings Credit Union)
Vancity est la plus importante caisse d’�pargne et de cr�dit du Canada; elle d�tient un actif de 14,5 milliards de dollars, plus de 400 000 membres et 60 succursales r�parties dans la r�gion m�tropolitaine de Vancouver, la vall�e du Fraser, Victoria et Squamish. Vancity s’inspire de son engagement � am�liorer la qualit� de vie des collectivit�s dans lesquelles nous vivons et travaillons. www.vancityinsurance.com
