Assumption Life and Acadia Life create a new sales company!
September
10, 2008
Moncton, October 9, 2008 - Assumption Life and the Caisses populaires acadiennes' affiliate Acadia Life, announced a partnership agreement today giving rise to a new sales company specializing in the distribution of personal insurance in New Brunswick.
This historic agreement will unite the strengths of two important Acadian companies by the creation of a new subsidiary specializing in the distribution of personal insurance products throughout the province. This agreement represents the union of two of the largest institutions in the francophone personal insurance market in New Brunswick. Both organisations come to the table with unique and important strengths; Acadia Life excels due to its strong distribution network and unique referral system. Assumption Life has the expertise of its sales task force, its business development capabilities and its comprehensive range of products. Both companies will remain in operation and will offer their products to the new subsidiary.
During the joint announcement at the joint press conference, Denis Losier took the opportunity to comment on the partnership. "This is a great example of cooperation and mutual support between two important institutions. Uniting our knowledge, our expertise and our quality products to better serve our customers is our ultimate goal. This allows us to strengthen each other, for the benefit of our sales network."
"This is a great announcement, not only for the Acadian community, but also for all the people of New Brunswick. We know that consumers want better life insurance coverage. We know this is an important opportunity and we want to be there to meet the needs of today's market. With this agreement, we now have a powerful tool to achieve our goals" says Camille Thériault, CEO of the new subsidiary.
To make this project a reality, Acadia Life and Assumption Life will combine their sales personnel, of approximately 20 employees, into the new entity. Any new hiring will be done through the new organisation.
According to the conditions of the agreement, a Board of Directors will be established to manage the operations of the new entity, whose headquarters will be located in Caraquet. The new Board of Directors will have Mr. Denis Losier, CEO of Assumption Life as President, and Mr. Camille Thériault, CEO of the Mouvement des caisses populaires acadiennes, in the role of CEO of the new entity. As for the name of the new organisation, it will be announced in the coming weeks, after the new Board of Directors has addressed the topic.
About Assumption Life
Established in 1903, Assumption Life draws on a century of consolidation, mutual assistance, education and economic and social development within Acadian and regional communities. Solidly anchored in current times, Assumption Life is becoming increasingly well known throughout the industry for its quick-issue life insurance products. Its presence in all 10 Canadian provinces and a distribution network consisting of over 2,000 professional brokers and representatives, have significantly contributed to its growth over the past four years.
About Acadia Life
Acadia Life is a subsidiary of the Fédération des caisses populaires acadiennes. Acadia Life made $6.6 million in profits in 2007. It is a record year in sales, both in terms of personal life insurance as well as in life insurance on loans. In 2003, Acadia Life reached a historic milestone, by reaching $1 billion of sales in terms of personal life insurance in New Brunswick. In 2007, Acadia Life issued its 20,000th personal life insurance policy.
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For any additional information:
Nathalie Allaire
Communications and Marketing Advisor
Assumption Life
506 383-5236
nathalie.allaire@assumption.ca
Mario Griffin
Communications and Public Relations Manager
Mouvement des caisses populaires acadiennes
Phone: 506 726-4785
Mobile: 506 724-0078
Fax: 506 726-8220
mario.griffin@acadie.com
