October 25, 2018 11:30
Jean-François Raymond | Photo : Réjean Meloche
Groupassur acquired yesterday the wholesaler, William J. Henry. The terms of the transaction were not disclosed.
Jean-Francois Raymond, president of Groupassur, has explained in interview to the Newspaper of the assurance that it is the first acquisition for the wholesaler. “We always wanted to do acquisitions, but the opportunity has not presented itself. We looked rather on the side of Ontario, least in Quebec. “
Add new products
He added to be interested in William J. Henry not to increase its volume, but rather to add new products. “William J. Henry is a specialist in the sub-standard, so that we were not doing commercial and residential. We have adopted this strategy in a context of expansion of products, ” said Mr. Raymond. William J. Henry adds $ 4 million ($M) in premium volume to that of Groupassur.
The transaction also brings new contracts with insurers with which Groupassur was not the case. He says also appreciate the addition of the team from the wholesaler to his own ” in a context of shortage of labour “.
The president of William J. Henry, Joane Castelli, will provide short-term transition, but will leave for retirement in the medium term. She says “pass the torch” to the team Groupassur after a career of 44 years in the insurance industry.