Allianz Global Assistance and TIC Travel to MergeBy Andrew Rickard | October 02 2014 08:25AM
On September 30, Allianz Global Assistance Canada and the Co-operators Life Insurance Company’s subsidiary TIC Travel Insurance Coordinators announced plans to merge their Canadian operations.The merger is expect to be completed by the end of the year, at which time Allianz Worldwide Partners S.A.S. will own 55% of the company while the Co-operators Life Insurance Company will own 45%. The chief financial officer of Allianz Global Assistance for the Americas, Dr. Daniel Wichels, will become the CEO of the merged company while a subsidiary of The Co-operators will become lead underwriter.
The insurers says that the merger will allow Allianz to benefit from TIC's distribution network of more than 8,000 brokers and travel agencies, while TIC will have access to Allianz's global network of service providers.
"Bringing together these two companies, with their complementary strengths, will create a very competitive company with great potential for future growth as a leader in Canada's travel insurance industry," says The Co-operators’ president and CEO Kathy Bardswick. "Existing clients will continue to benefit from the strong relationships they currently enjoy with the two companies, while the combined entity will offer all clients expanded product offerings and enhanced service capabilities."