Canadian insurer to sell US subsidiary
Canadian insurer to sell US subsidiary | Insurance Business Canada
Insurance News
Canadian insurer to sell US subsidiary
“It’s the right time to focus our efforts on our home market in Canada,” says chief exec
Insurance News
By
Steven Byerley
The Wawanesa Mutual Insurance Company has announced that it has entered into a definitive agreement to sell its US subsidiary, Wawanesa General Insurance Company (Wawanesa General), to the affiliated insurer of the Automobile Club of Southern California. Terms of the transaction were not disclosed.
“It’s the right time to focus our efforts on our home market in Canada, where we have operated for nearly 127 years,” said Jeff Goy, president and CEO of Wawanesa. “We look forward to further strengthening the products and services we provide Canadian families and businesses, and to providing exceptional service to even more members across Canada.”
“The acquisition presents a unique opportunity for the Auto Club to acquire a longstanding California-based insurance company that shares the Auto Club’s member-centric culture and focus on superior member satisfaction and competitive prices,” said John Boyle, president and CEO of the Auto Club. “We’re also excited about the opportunity to welcome Wawanesa General’s experienced and dedicated employees to the Auto Club family.”
In Canada, Wawanesa currently serves over 1.6 million members through a network of more than 1,900 brokers. Wawanesa Mutual and Wawanesa Life consistently maintain strong financial ratings of A (Excellent) from AM Best, the company said.
“Wawanesa and the Auto Club have a lot in common, sharing the same commitment to great service for our members and community wellbeing,” Goy said. “We thank everyone who has been part of building our award-winning US operations – including being recognized by J.D. Power as number one in customer service in California four years in a row. You have been an integral part of our team since 1975, and we are pleased that you will be joining another great member-focused company.”
“The Auto Club and its affiliates have been providing high quality insurance products to Californians for over a century, and we look forward to the opportunity to build on this legacy through this acquisition,” Boyle said.
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