Desjardins Group has completed its acquisition of The Insurance Company of Prince Edward Island (ICPEI).

First announced in March, the now finalized deal will give Desjardins General Insurance Group a market boost by expanding its property and casualty insurance offerings.

By acquiring ICPEI, Desjardins will have access to a broader range of commercial insurance products, essential for meeting the diverse needs of businesses in a brokerage-dependent market.

Under the transaction, ICPEI will operate as a wholly owned subsidiary of Desjardins, continuing to develop and offer its insurance products through brokers. This approach complements Desjardins’ direct distribution and exclusive agents network.

Guy Cormier, president and chief executive at Desjardins, stated: “Desjardins has big ambitions for entrepreneurs. We need to step up our coverage to meet their property and casualty insurance needs.

“ICPEI’s expertise in broker distribution is going to help us expand our reach and access new markets so we can better meet the growing needs of business services members and clients across the country.”

When the acquisition was made public earlier this year, Cormier pointed to the additional expertise that will enable the group to “perform even better with businesses” and reinforce its market position.

ICPEI president and CEO Serge Lavoie added when the deal closed: “ICPEI’s goals are to expand insurance distribution across the country and develop business opportunities in new Canadian markets, and this acquisition is a concrete example.

“Desjardins’ financial strength will allow us to be a more important player faster in the brokerage insurance sector.”

In addition to ICPEI, Desjardins recently acquired Guardian Capital Group's life and health insurance and individual savings distribution operations. As of the end of the first quarter of 2024, Desjardins had assets worth $435.8 billion.

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