Co-operators Buys Carleton Insurance BrokersBy Alain Thériault | August 18 2015 01:12PM
Kathy Bardswick, President and Chief Executive Officer, The Co-operators Group
The Co-operators General Insurance Company has purchased Carleton Insurance Brokers. Carleton has been in the Ottawa area for more than 40 years, and does insurance business in several sectors. Besides individual and corporate property insurance, the firm also offers life insurance, mortgage, disability, health and drug, critical illness, and travel insurance.
The Co-operators has indicated that the insurance contracts of Carleton's current clients will remain in force until maturity without any change in their bonus or their guarantees. When a contract comes to an end, customers will be offered a comparable policy with The Co-operators. "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," comments The Co-operators' president and CEO Kathy Bardswick. The insurer says that these new clients will be able to benefit from a wide range of insurance products and financial services, including home insurance, car, life, travel, commercial and farm insurance.
When contacted by FlashFinance.ca, a sister publication of The Insurance and Investment Journal, The Co-operators spokesman Leonard Sharman would not disclose the volume of premiums gained by the transaction, nor the number of employees involved. However, he revealed that The Co-operators does expect to retain current employees. On the other hand, the Carleton name will disappear. "It will eventually be branded as The Co-operators," said Sharman. He also indicated that the insurer, which bought up The Edge Benefits in April, plans to keep growing through acquisition and is "looking for these opportunities right across the country"