RCCAQ reacts to L’Union Canadienne acquisition

Quebec brokers have 'mixed feelings' about deal

The recent acquisition of L’Union Canadienne by RSA Canada has left Quebec brokers with mixed feelings, says Regroupement des cabinets de courtage d’assurance du Quebec (RCCAQ) chairwoman, Catherine Mainguy.

“It’s never a good thing when the Quebec brokers lose a market,” Mainguy said in an interview with Canadian Insurance Top Broker. “But at the same time, it means that RSA is going to be back in personal lines market in Quebec after being absent for several years, so that’s sort of a good news item. But we have sort of mixed feelings about it.”

“I think the RCCAQ remains concerned about the future, since we’re counting three acquisitions over just one year: AXA, JEVCO and now L’Union Canadienne. So, we’re going to continue to monitor that situation closely and we’ll stay in touch with our members.”

RSA Canada announced on June 6 that it agreed to acquire L’Union Canadienne from its parent company, Co-operators General Insurance Company (CGIC), for $150 million, pending regulatory approval, and other standard closing adjustments and conditions.

 

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Transcontinental Media G.P.