The announced union of two of Canada’s major travel insurers back in September is now complete.
Allianz Worldwide Partners and The Co-operators today announced the completion of the merger of their respective Canadian travel insurance companies. The merger of
Allianz Global Assistance Canada and TIC Travel Insurance Coordinators has created one of the largest travel insurance providers in the country, operating as
Allianz Global Assistance.
“The closing of the merger between Allianz Global Assistance Canada and TIC Travel Insurance Coordinators represents the beginning of an exciting new chapter for our organization. As a combined entity, we are better positioned than ever before to provide innovative travel insurance products and distribution solutions to our valued partners. In turn, we will be able to help even more Canadians with unparalleled global support when they travel abroad,” said Dr. Daniel Wichels, the new Chief Executive Officer for Allianz Global Assistance in Canada. “While we work to fully integrate our operations, we will continue to deliver on our commitment to world-class service for our partners and customers. Fortunately, we have already started to establish a strong sense of unity among our employees, which will be a key to the long-term success of our merger.”
Wichels had served previously as the Chief Financial Officer of Allianz Global Assistance for the Americas, said that the combined entity will leverage the strengths of the two organizations to offer industry-leading products and services for Canadian travellers and visitors to Canada.
Allianz Worldwide Partners S.A.S., the parent company of Allianz Global Assistance Canada, owns 55 per cent of the combined legal entity, AZGA Service Canada Inc. Co-operators Life Insurance Company owns 45 per cent. The combined legal entity includes subsidiaries AZGA Insurance Agency Canada Ltd and SelectCare Worldwide Corp. Allianz Global Assistance will offer travel insurance products underwritten by its established underwriter partners.
There will be no changes to any in force policies purchased through TIC or Allianz Global Assistance, and no interruption in service to clients.
