Two travel insurance providers have pooled their resources to match a network of 8,000 brokers with a clientele reaching 250 million worldwide.
Allianz Global Assistance Canada and TIC Travel Insurance Coordinators, including its subsidiary SelectCare Worldwide, have merged their travel insurance operations in Canada, creating
Allianz Global Assistance.
“This merger capitalizes on the similar values and client approach of two leading providers in the Canadian travel insurance market, resulting in a combined entity that is truly greater than the sum of its parts, and poised for substantial growth,” said Remi Grenier, CEO of Allianz Global Assistance worldwide. “By combining TIC's distribution networks, which are one of Canada's broadest, with Allianz Global Assistance's unparalleled global reach, Canadian travellers will enjoy world-class services no matter where they travel.”
Dr. Daniel Wichels, Chief Financial Officer of Allianz Global Assistance for the Americas, will become the Chief Executive Officer of the combined entity.
A subsidiary of The Co-operators will become the lead underwriter.
“Bringing together these two companies, with their complementary strengths, will create a very competitive company with great potential for future growth as a leader in Canada's travel insurance industry,” said Kathy Bardswick, President and CEO of The Co-operators Group Limited, the ultimate parent company of TIC. “Existing clients will continue to benefit from the strong relationships they currently enjoy with the two companies, while the combined entity will offer all clients expanded product offerings and enhanced service capabilities.” (continued.)
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Allianz Global Assistance will leverage the strengths of two of Canada's leading travel insurance companies to enhance their product and service offerings, says The Co-operators’ Leonard Sharman. “It will benefit from TIC's extensive distribution network of more than 8,000 brokers and travel agencies throughout Canada,” Sharman told
Insurance Business. “It will also benefit from access to Allianz Global Assistance's global network of service providers which services 250 million people worldwide.”
The share exchange transaction is targeted for completion at the end of the year. Allianz Worldwide Partners S.A.S., the parent company of Allianz Global Assistance Canada, will own 55 per cent of the combined legal entity, AZGA Service Canada Inc. Co-operators Life Insurance Company will have an ownership stake of 45 per cent, based on relative economic valuations.
