Co-operators announces Browning Insurance purchase
Published: October 6, 2015
Updated: July 24, 2018
Author: Luke Jones
CATEGORY: Industry News
Co-operators General Insurance Company has announced the purchase of Ontario based brokerage Browning Insurance Ltd via one of its subsidiaries. Neither company has revealed the financial details of the purchase.
In a released statement, Co-operators said that current customers of Browning will remain unaffected by the purchase and will not see a change to their premiums. The company said Browning’s clients will be notified privately of the deal and will keep their current insurance coverage until expiry. When coverage terms end the customers will be offered similar policies from Co-operators General Insurance Company.
“We’re pleased to be strengthening our presence and growing our agency distribution system in Chatham and across the country, which is part of our growth strategy,” said Kathy Bardswick, president and CEO of The Co-operators, in the statement. “Our new clients will benefit from the wide range of car insurance and financial products, as well as the expertise, offered by Co-operators advisors.”
Canadian company Co-operators currently as $40 billion in assets under administration, while Browning offers personal and commercial lines and retirement financial plans.
“We’re pleased to be strengthening our presence and growing our agency distribution system in Ottawa and across the country, which is part of our growth strategy,” Kathy Bardswick, president and CEO of The Co-operators, says in a statement. “Our new clients will benefit from the wide range of auto insurance and financial products, as well as the expertise, offered by Co-operators advisors.”
Aside from those two major acquisitions, the Co-operators have also secured numerous other deals throughout 2015. The company bought a majority interest in The Edge Benefits, and Ontario based company specializing in life coverage for small business owners and self-employed consumers.
A collaboration with Sunshine Coast Credit Union was also announced in April, with both companies agreeing to support each other’s products and bring consumers closer to them. Also in April, the Co-operators purchased the Premier group of companies, saying at the time:
"We are committed to preserving Premier's nature as a managing underwriting agency, benefiting from strong relationships with domestic and international underwriting partners," said Kathy Bardswick, president and CEO of The Co-operators, in the statement.
"We're pleased that the management team will remain in place and will operate the company in its current structure, which will ensure the continuation of its productive partnerships with brokers, clients and staff. The deal will create new opportunities for future growth for both sides."