Quebec-based insurer iA Monetary Group has acquired automotive guarantee group World Guarantee.
World Guarantee is an unbiased guarantee supplier serving Canada’s used car market and supplies safety to clients with insured guarantee packages. Based in 1987, and headquartered in London, Ont., the corporate does enterprise with a community of greater than 1,500 automotive dealerships and greater than 400 approved restore centres throughout the nation.
“We couldn’t be extra happy with the acquisition of World Guarantee,” says Gwen Gareau, senior vp of iA Supplier Companies and iA Auto Finance. “It’s a well-run group with a robust repute and we’re happy to welcome this extremely skilled group into iA Monetary Group.
“It will enhance our presence within the used car guarantee market, with long-standing operations in London, the place our subsidiary Lubrico Guarantee can be primarily based.”
Lubrico Guarantee additionally supplies car safety merchandise and used automotive warranties for “any make, mannequin, 12 months or mileage,” in response to its web site.
“The acquisition of World Guarantee matches completely with iA Supplier Companies’ development technique,” says Pierre Miron, iA Monetary Group’s government vp and chief development officer for Canadian operations. “Now we have been within the car guarantee enterprise for over 60 years and we imagine strongly that the used automotive market is a crucial phase for development.
“Future development and synergies with World Guarantee look very promising,” Miron provides.
World Guarantee CEO and president Roy Neufert says the corporate selected to promote its enterprise to iA Monetary Group due to their lengthy historical past within the guarantee enterprise. iA additionally has relationships with greater than 10,000 new and used automotive dealerships, Neufert provides.
In 2022, World Guarantee said Arch Insurance coverage could be the first underwriter for its ULTIMATE guarantee applications throughout Canada. Arch Insurance coverage was already the corporate’s underwriter for GAP (assured asset safety) insurance coverage.
Based in 1892, iA Monetary Group is among the largest insurance coverage and wealth administration teams in Canada, with operations in america.
Efficient instantly, this acquisition might be barely accretive from the primary 12 months, each on a core and reported foundation, the insurer says. The influence on iA Monetary Group’s solvency ratio is a one proportion level lower.
Characteristic picture by iStock.com/NongAsimo
