QUEBEC CITY, Sept. 30 /CNW Telbec/ - On August 25, La Capitale Financial
Group announced that its subsidiary La Capitale General Insurance had entered
into an agreement to acquire the Mississauga, Ontario-based property and
casualty insurer York Fire & Casualty Insurance. Today, La Capitale is pleased
to announce that this acquisition has been given the green light following
regulatory approval of the agreement.
According to John Strome, President and Chief Operating Officer of
La Capitale General Insurance Inc., "La Capitale is proud to be able to count
on the strong network of York Fire & Casualty Insurance, which brings together
over 200 insurance brokers operating from more than 350 offices throughout
Ontario and Alberta, to develop the Canadian market. In future years, we
intend to capitalize on the strength of this existing network by putting into
place all of the support and resources necessary to expand it further and
enhancing products and services."
"This news is highly positive for La Capitale Mutual members. This latest
acquisition underlines the growth of the entire Financial Group and clearly
demonstrates its outstanding financial health. It will further strengthen the
foundations of the Group and enable the assets of our Mutual members to
flourish," explains Jean-Yves Dupéré, Chairman of the Board and Chief
Executive Officer of La Capitale Civil Service Mutual.
In 2006, La Capitale acquired Ontario-based life and health insurer
Penncorp, opening the door to the rest of Canada for the distribution of the
company's accident and disability products. The acquisition of York Fire &
Casualty Insurance will enable La Capitale to further strengthen and extend
its market presence across Canada.
About La Capitale
With a strong presence across Quebec, and, since 2006, increasingly
present throughout Canada, La Capitale Financial Group has $2.8 billion in
assets, employs over 2,226 people and provides financial products and services
to the general public as well as to 600,000 members working for over
900 institutions in the Quebec public and parapublic sectors.
Its subsidiary La Capitale General Insurance Inc. is experiencing
impressive growth and now ranks among the five largest property and casualty
insurers in Quebec. Including its wholly-owned brokerage distribution
subsidiary L'Unique General Insurance, La Capitale General Insurance generates
some $472 million in written premiums and employs nearly 1,000 individuals
across Quebec, making the company an industry leader in property and casualty
For further information:
For further information: Pierre Dansereau, Vice-President, Marketing and
Communications, La Capitale General Insurance, (418) 266-9903; Source:
Caroline Masson, Communications Advisor, La Capitale Financial Group, (418)