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The Co-operators reinforces its position in Gatineau

by

Hubert Roy

4 October 2018 13:30

Patrick Décarie | Photo : Réjean Meloche

The Co-operators will increase its volume to Quebec of $ 3.5 million ($M) following the acquisition of Robert Poirier & Associates, insurance Broker, established in Gatineau. The brokerage firm was transformed last Monday in agency Co-operators. The insurer will have a second agency in this city. It has 15 in all in Quebec.

Patrick Décarie, vice-president, Québec, of the Co-operators, points out that Gatineau is a city where the Co-operators has a strong footprint in Quebec. This is where the insurer has opened its first branch in Quebec in the deployment of its new business model.

Mr. Décarie stresses, moreover, that the recent tornado that touched Gatineau has allowed to test the mobilization of emergency teams. He relates that each client insured by Co-operators who was in the disaster zone has been called the day after the disaster. “We did not wait until Monday to see if everything was going well for our customers,” he says.

Organic growth of 28 %

With this acquisition, the volume of Co-operators in Quebec will reach$ 47 Million by the end of 2018, of which 13 % in insurance companies. At December 31, 2017, it was$ 36 Million. Mr. Décarie revealed in the Journal of insurance that the organic growth of the Co-operators in 2018 in Québec is of the order of 28 %.

Over the past nine years, since his return to the quebec market, the Co-operators has made three acquisitions. The first was made in the Gaspé peninsula, and one in Quebec city last year. “There will be others “, said from the outset, Mr. Décarie, specifying, however, that no announcement next was not planned for the moment.

What insurers brokerage will lose volume to the result of this transaction ? Mr. Decarie has preferred not to name insurers. It has, however, clarified that Robert Poirier was dealing with many insurers and that there is not one more than another, which will lose volume.

The amount of the transaction remains confidential, as are the multiple of acquisition thereof. The Co-operators finance itself the transaction from its shareholders’.

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