4 July 2019 13:30
Yan Charbonneau | Photo : Réjean Meloche
Group Finance AFL has acquired the insurance division of collective cabinet insurance and financial services Patry, Poulin, Trahan & Associés Inc. (PPTA) whose mother house is located in Gatineau.
The agent-general of Québec put the hand on a premium volume of more than 20 million of dollars ($M) by collective insurance, and a team of a dozen people.
AFL provides that the insurance division’s collective PPTA will allow him to strengthen and consolidate its development strategy. “We are enabling an administrative structure in the insurance collective to deploy and support our growth plan across our business network,” said Yan Charbonneau, CEO of the AFL.
Convergence and complementarity
The parties to the transaction speak of a strategic union between the AFL and PPTA, which allows to make converge their business vision and the complementarity of their expertise.
“We have been approached repeatedly in recent years by firms that are buyers, but the AFL has managed to gather all of the winning conditions in order to make this transaction a success for all parties involved,” said Marc Patry, president of the PPTA.
Mr. Patry and Roch Poulin, associates and shareholders of PPTA prior to the transaction, will continue the activities of PPTA in life insurance and financial services independently.
Lise Trahan and his team at AFL
With an experience of over 20 years in group insurance, the other partner and shareholder prior to the transaction, Lise Trahan, has been named Vice president, solutions group AFL. Ms. Trahan said see there the confirmation of the expertise of the professionals of the PPTA, along with the excellence of the services they provide.
“My work team remains in place and our customers can continue to receive the same quality of services, while taking advantage of additional services with high added value in order to remain a leader in our industry “, said Mrs. Trahan.
More announcements to come
Executive Vice president, responsible for the development of life insurance and living benefits at AFL, Lyne Lapointe will come in to help develop the region. Ms. Lapointe has announced that other announcements will follow by the end of the year, which affects the development of the lines of business in individual insurance.
Yan Charbonneau announced that several other transactions of the same kind will follow in the next few years. “We are actively seeking business owners who are not necessarily retired, but want to stay semi-active,” he revealed in an exclusive interview to the Journal of the insurance. More details to come in our next edition of FlashFinance.ca, which will be published on Monday 8 July.