Co-operators acquires Cdn underwriting agency Premier

Apr 13, 2015

2015-04-10 11:41 ET - News Release

 

Ms. Kathy Bardswick reports

THE CO-OPERATORS ACQUIRES PREMIER GROUP OF COMPANIES

Co-operators General Insurance Company has acquired Premier, one of the leading full-service managing underwriting agencies in Canada. Premier's management team, including chief executive officer Troy Moreira, will remain in place and the company will operate as an independent entity as part of the Co-operators group of companies.

Established in 1989, Premier now has more than 100 employees in five offices in Canada and the United States, and administers more than 80,000 insurance policies. It handles product development in house and distributes its extensive product offerings through 4,000 broker locations. Premier offers professional liability, environmental lines, construction risks, specialty casualty, general property, specialty personal lines and is known as a pioneer in pleasure craft insurance.

"We are committed to preserving Premier's nature as a managing underwriting agency, benefiting from strong relationships with domestic and international underwriting partners," said Kathy Bardswick, president and CEO of Co-operators. "We're pleased that the management team will remain in place and will operate the company in its current structure, which will ensure the continuation of its productive partnerships with brokers, clients and staff. The deal will create new opportunities for future growth for both sides."

Premier will benefit from the backing of Co-operators, a national multiproduct insurer with solid manufacturing capability, capital strength and human capital. The two organizations have enjoyed a successful relationship for more than a decade, primarily through Co-operators commercial insurance subsidiary, The Sovereign General.

"Premier celebrated its 25th year in business last year, and this deal will cement its future for the next 25 years," said Mr. Moreira. "The same approach to business that has allowed us to excel and grow since our founding will continue to drive our success in the years ahead. The future looks bright for Premier and our partners."