Allianz and Co-operators Complete Merger of Travel Insurance CompaniesBy Andrew Rickard | January 12 2015 01:05PM
Allianz Worldwide Partners and The Co-operators have announced the completion of the merger of Allianz Global Assistance Canada and Co-operator's subsidiary TIC Travel Insurance Coordinators. Allianz owns 55% of the new company, while Co-operators Life Insurance Company owns 45%. The firm will operate under the Allianz Global Assistance name. Dr. Daniel Wichels, who had served as Allianz Global’s chief financial officer for the Americas, has been named as chief executive officer.
"As a combined entity, we are better positioned than ever before to provide innovative travel insurance products and distribution solutions to our valued partners. In turn, we will be able to help even more Canadians with unparalleled global support when they travel abroad," says Dr. Wichels. "While we work to fully integrate our operations, we will continue to deliver on our commitment to world-class service for our partners and customers. Fortunately, we have already started to establish a strong sense of unity among our employees, which will be a key to the long-term success of our merger."
In a press release announcing the completion of the merger, the parent insurers said that there will be no changes to any in-force policies purchased through TIC or Allianz Global Assistance, and no interruption in service to clients.