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Economical Insurance to acquire largest pet insurer in Canada
Annual net written premiums exceeded $50 million in 2015
Staff on May 17, 2016
Economical has announced it plans to buy Desjardins Group’s pet insurance business, Western Financial Insurance Company and its flagship brand Petsecure. WFIC is Canada’s largest pet insurance company with net written premiums in 2015 exceeding $50 million.
The transaction is expected to close in the third quarter and is subject to customary closing conditions, including receipt of required regulatory approvals. After the closing, WFIC will remain headquartered in Winnipeg. Desjardins will continue to distribute WFIC’s pet insurance product through its insurance brands.
As Top Broker has already reported, Economical has reported that its gross written premiums for Q1 grew by $4.6 million over the same quarter a year ago. Personal lines premiums grew by $12.6 million “primarily by increased auto policy volumes as well as increased personal property policy volumes and average premiums.” Commercial lines, however, were down — dropping $8 million over the same quarter a year ago.
Desjardins General Insurance Group has reported a first quarter net income of $31.5 million, compared to $73.7 million for the same period in 2015.
Economical Insurance to acquire largest pet insurer in Canada
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