The Co-operators, a Canadian-owned co-operative, has purchased Premier group of companies, for an undisclosed sum.
Claimed to be one of the leading full-service managing underwriting agencies in Canada, Premier manages around 80,000 insurance policies in Canada and the US.
Under the deal, Premier’s management team, including CEO Troy Moreira, will continue in their positions and will operate as an independent entity under The Co-operators group of companies.
Moreira said: "Premier celebrated its 25th year in business last year, and this deal will cement its future for the next 25 years."
Founded in 1989, Premier handles product development in-house, and distributes product offerings through 4,000 broker locations.
The company provides professional liability, environmental lines, construction risks, specialty casualty, general property, specialty personal lines insurance services, in addition to pleasure craft insurance.
The Co-operators president and CEO Kathy Bardswick said: "We are committed to preserving Premier’s nature as a managing underwriting agency, benefiting from strong relationships with domestic and international underwriting partners.
"We’re pleased that the management team will remain in place and will operate the company in its current structure, which will ensure the continuation of its productive partnerships with brokers, clients and staff."
The Co-operators, through its firms, provides home, auto, life, group, travel, commercial and farm insurance and investment products.
Image: The Co-operators has acquired Premier group of companies in Canada. Photo: courtesy of Stuart Miles/ FreeDigitalPhotos.net.