Groupe Promutuel and La Capitale modify their life and health insurance partnership
Quebec City, November 13, 2012 – Groupe Promutuel and La Capitale will ratify a new life and health insurance partnership agreement in the coming weeks.
La Capitale is acquiring all the assets of Promutuel Vie, Groupe Promutuel's financial security subsidiary, of which it has been a shareholder since 2006. In parallel to this acquisition, both partners will sign an exclusive distribution agreement with respect to Promutuel clients, which will allow Promutuel to continue offering life and health insurance products while benefiting from La Capitale's proven expertise in that regard.
"We are happy to be able to continue offering life and health insurance products to our insured members. And it is certainly to our advantage to do so with La Capitale, an organization that has the same values of mutual aid and solidarity as we do," said Promutuel's Chief Executive Officer, Sylvain Fauchon.
Steven Ross, President and Chief Operating Officer of La Capitale Insurance and Financial Services Inc., declared, "La Capitale is pleased to welcome Promutuel Vie's present and future clients, who will have access to all the quality benefits, advice and services reserved for our customers." Mr. Ross hastens to reassure Promutuel's present clients that this acquisition will have no impact on their coverage, as La Capitale will honour all in-force business.
The acquisition of shares is subject to approval by the ministère des Finances et de l'Économie, on the advice of the Autorité des marchés financiers.
About Groupe Promutuel
Promutuel is among the largest property insurers in Quebec. Known for its financial strength, high quality products and customer service excellence, Groupe Promutuel has 542,000 insured members and a total premium volume of $553 million. The Groupe's mission is to promote and offer insurance products that meet the needs of its insured members and clients. It is committed to offering personalized quality service and to promoting the mutualist values that have guided its activities for the past 160 years.
About La Capitale Financial Group
La Capitale Financial Group has a strong presence across Quebec and throughout Canada. With over 2,900 employees, agents and advisors, 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 administration employees. With assets of $4.3 billion, La Capitale occupies a choice position among leading insurers in Canada.