The Co-operators announced that it has acquired a majority interest in The Edge Benefits, an agency specializing in living benefits based out of Newmarket, Ontario.
The Edge Benefits, which boasts 80 employees and over 45,000 policyholders, according to its website, will retain its management team and continue to operate as an independent entity.
The Co-operators expressed that this is a natural progression, since the two companies have been partners since 2013, when Co-operators Life Insurance Company began providing simplified disability products through The Edge Benefits, including Loss of Income and Business Overhead Expense.
“This was a natural fit, as the two organizations share similar values and have an established successful relationship,” Kathy Bardswick, president and CEO of The Co-operators, said in a statement. “We look forward to the future, as The Edge Benefits will continue to operate independently, with the same business model and management team.”
The Edge Benefits also forecasts positive returns on this transaction, and feels that a continued relationship between the organizations will solidify The Edge Benefits’ reputation as a leader in the lifestyle protection marketplace.
“The completion of this transaction will enable the EDGE brand to continue its dominant position in providing lifestyle protection plans to the self-employed marketplace,” said David Prince, co-founder of EDGE. “With The Co-operators, we foresee significant synergies that will build on the legacy we have established over the past 30 years.”
For continuity purposes, Prince will remain Chairman of the Board of Directors of The Edge Benefits until December 2017.
