QUÉBEC, June 12, 2019 /CNW Telbec/ - La Capitale General Insurance and LEDOR Assurances have embarked on an initiative to amalgamate the two companies pursuant to approval of the transformation project by LEDOR members, who gathered for a special general meeting in Lévis yesterday.
As of today, La Capitale and LEDOR are embarking on the merger process leading to the amalgamation of the two entities by the beginning of 2020. Until then, La Capitale will be the sole shareholder of LEDOR, which will operate as a La Capitale subsidiary. All plans are subject to approval by regulatory authorities.
"At the time of our general meeting, the proposal was warmly received by both mutual members and employees of LEDOR. We are happy to move forward with La Capitale!" said Micheline Nadeau, president of LEDOR Assurances.
"La Capitale is delighted to welcome the 60,000 or so mutual members of LEDOR Assurances. This amalgamation facilitates the strengthening of a Quebec Mutual while guaranteeing the protection of 150 jobs and the expertise that LEDOR has developed over time," said Jean St-Gelais, Chairman of the Board and Chief Executive Officer of La Capitale Insurance and Financial Services.
The benefits and coverage under insurance policies in force at LEDOR are remaining in force, and customer service is continuing to be provided throughout the network.
The transition committee which has been set up will do the ground work necessary to ensure that the amalgamation goes smoothly.
The La Capitale and LEDOR amalgamation will enable these two Mutuals to meet the challenges associated with Quebec's very competitive property and casualty insurance market.
About LEDOR Assurances
LEDOR Assurances is a mutual insurer that has been in business since 2008. From the time that an insurance contract is issued, the Mutual deals with an "insured member." Insured members have the significant distinction of being among the owners of the Mutual, which operates based on the democratic principle of one member, one vote.
About La Capitale Insurance and Financial Services
La Capitale Insurance and Financial Services, created in 1940, has a strong presence across Quebec and throughout Canada. With over 2,600 employees and guided by the values of mutualism on which it was founded, La Capitale works with clients to build, protect and value what they feel counts for their financial security. It offers insurance products and financial services to the general public as well as to Quebec public service employees. With assets of $7.4 billion, La Capitale occupies a choice position among leading insurers in Canada.
SOURCE La Capitale Insurance and Financial Services
For further information: Jean-Pascal Lavoie, Media Relations and Public Affairs Advisor, 418 747-8053, 418 559-7738