Remi Grenier, CEO of AGA worldwide, commented on the planned acquisition: “This merger capitalises on the similar values and client approach of two leading providers in the Canadian travel insurance market, resulting in a combined entity that is truly greater than the sum of its parts, and poised for substantial growth. By combining TIC’s distribution networks, which are one of Canada’s broadest, with AGA’s unparalleled global reach, Canadian travellers will enjoy world-class services no matter where they travel.”
Kathy Bardswick, president and CEO of The Co-operators Group Limited, the ultimate parent company of TIC, also commented on the purchase: “Bringing together these two companies, with their complementary strengths, will create a very competitive company with great potential for future growth as a leader in Canada’s travel insurance industry. Existing clients will continue to benefit from the strong relationships they currently enjoy with the two companies, while the combined entity will offer all clients expanded product offerings and enhanced service capabilities.”
Upon completion of the share exchange transaction, which is targeted for the end of the year, Allianz Worldwide Partners SAS, the parent company of Allianz Global Assistance Canada, will own 55 per cent of the combined legal entity, AZGA Service Canada Inc., while Co-operators Life Insurance Company will have a 45-per-cent ownership stake.