GUELPH, ON and VANCOUVER, Sept. 1 /CNW/ - The Co-operators and Vancity
today completed the sale of Vancity Insurance Services Limited (VISL), which
was announced by the two organizations on July 21, 2009. Federated Agencies
Limited, a subsidiary of The Co-operators, has purchased VISL, which provides
home, auto, travel and business insurance in British Columbia.
The purchase, which includes 17 VISL retail branches in Greater Vancouver
and Victoria, significantly expands The Co-operators presence in British
Columbia, where it previously had 24 agent offices. All VISL service locations
will begin to operate under The Co-operators brand tomorrow, September 2,
2009. Customers can continue to purchase insurance at these locations.
Vancity will continue to offer life, creditor and title insurance as part
of its overall financial services offering. Squamish Insurance Services is not
part of the purchase agreement and will continue operations as usual.
VISL customers have been notified of the change in ownership, and their
insurance coverage remains in effect with no changes to their premiums or
coverage for the current term of their policies. At renewal, customers will be
offered similar policies by The Co-operators.
About The Co-operators
Based in Guelph, Ontario, The Co-operators is a group of Canadian
companies offering home, auto, life, group, travel, commercial and farm
insurance, as well as investment products. The Co-operators Group Limited is a
100 per cent Canadian-owned co-operative with assets of more than $7 billion.
It is owned by a group of Canadian co-operatives, credit union centrals and
like-minded organizations. The Co-operators is well known for its community
involvement, and is listed among the "50 Best Employers in Canada."
About Vancity (Vancouver City Savings Credit Union)
Vancity is Canada's largest credit union, with $14.5 billion in assets,
more than 400,000 members, and 60 branches throughout Greater Vancouver, the
Fraser Valley, Victoria and Squamish. Vancity is guided by a commitment to
improving the quality of life in the communities where we live and work.
For further information:
For further information: Leonard Sharman, The Co-operators,
1-877-795-7272 ext. 2707; Stephanie Thatcher, Vancity, (778) 837-0394