Desjardins says it will allocated about $700 million to support growth of the property and casualty insurance business. In addition, its life and health subsidiary, Desjardins Financial Security and other units will allocate $250 million for the State Farm Canada life insurance, mutual fund, lending and living benefits operations.
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The deal was announced jointly by Desjardins, State Farm current owner based in Bloomington, Ill., near Chicago and Credit Mutuel, a Paris based European financial co operative.
Personal auto insurance in Ontario is higher risk because of regulatory intervention to cut rates and lawsuit trends.
Farm financial investment in the newly combined P business and licence to use the State Farm brand reflect our confidence in the strength of the combined business going forward. Lucas, president of Credit Mutuel, said that its investment with long time partner Desjardins part of our policy of diversification, both in France and abroad. also illustrates our interest in actively contributing to the launch of the second largest P insurer in Canada and to its growth in the Canadian market. Investors Service maintained its ratings for Desjardins but said the transaction creates risks, mainly because of the increased exposure to the high risk Ontario personal auto insurance market, which will make its insurance operations less predictable source of earnings. 90 per cent of State Farm premiums are Nike Air Max Thea Em based in Ontario while personal auto represents 72 per cent of premiums.
The Quebec based financial co operative, headquartered in Levis near the provincial capital, will operate the business as a separate unit with about 1,700 State Farm employees and 500 agents.
auto insurance business with State Farm Canada deal
transaction is conservatively structured and financed, mitigating the risk to Desjardins Group, said David Beattie, a Moody vice president. we expect Desjardins General Insurance Group credit profile to strengthen over time as it re underwrites the acquired portfolio. Desjardins Tier 1 capital ratio will remain above its target of 15 per cent, which is very strong compared with peers.
MONTREAL State Farm Canadian business is being acquired for an undisclosed price by the Desjardins financial group, which expects to gain about 1.2 million customers in several provinces.
The transaction would make it Canada second largest provider of property and casualty insurance, which includes home and auto coverage as it would nearly double annual premiums written to $3.9 billion from about $2 billion, Desjardins said in a statement Wednesday.
combination creates a leading platform with new opportunities for growth and success for our employees, agents and customers, he said.
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the same time, it will enhance our position in Canada by expanding our customer reach and achieving economies of scale. Farm chairman and CEO Edward Rust said the deal will build on the client base that its Canadian employees and agents have built in Ontario, Alberta and New Brunswick.
Canada, it added.
State Farm will invest $450 million in non voting preferred shares of the Desjardins Group property and casualty business after the deal closes, while Credit Mutuel will invest $200 million.
acquisition will allow Desjardins to develop a broader, multi channel distribution network across the country, while continuing to meet the needs of State Farm Canadian client base, said Monique Leroux, Desjardins Group Air Max 2015 Red White
That risk is partially offset by protections built into the transaction structure, Moody said.
It also strengthens Desjardins Group position as the fourth largest life and health insurer in Nike Air Max Tavas Essential Trainers Black
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