Groupe Ultima is turning a page.
The company is selling the rights to renew the delegation contracts of its shareholder firms and clients in commercial insurance, and will now devote itself entirely to the activities of the Mutuelle des municipalités du Québec, Daniel Tousignant, General Manager at Groupe Ultima, told Insurance Portal. “We will focus on our core business, which has always been the distribution of insurance products to municipalities through our shareholder firms,” he explains.
Ultima Group will also remain an active player in the marketing of brokerage management systems, commonly known in the industry as BMS. Ultima’s latest system is Ulti-Gestion 2.
Wholesaler GroupAssur has acquired the rights to renew the delegation contracts of Ultima's shareholder firms. “When these contracts are renewed, we will serve the firms involved in the same way as Ultima did,” CEO Jean-François Raymond told Insurance Portal.
This transaction is a perfect fit with the wholesaler's business model, Raymond adds. Acquiring the contract renewal rights is comparable to the transactions with Intergroupe and TecAssur in recent months, he says.
How much are the renewal rights worth? The two companies would not reveal the exact amount, but confirmed that it was in the tens of millions of dollars.
