Desjardins Group completed the purchase of State Farm Canada’s businesses in property and casualty and life insurance, as well as its Canadian mutual fund, loan and living benefits companies on Jan. 1, 2015.
As a result, the company will become the second-largest property and casualty insurance provider in Canada with annual gross written premiums increasing to more than $4 billion in 2015 from more than $2 billion last year.
Desjardins says the deal will also increase its geographic diversification of earnings and risk while providing an advantage of scale and strengthens its position among life and health insurers in Canada.
“Similarities between our two organizations are numerous,” says Monique F. Leroux, chair of the board, president and CEO of Desjardins Group. “ I am confident that our shared values, our passion and commitment to our work will allow us to better serve Canadians, together.”
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