Allianz Global Assistance Canada and TIC Travel Insurance Coordinators, including its subsidiary SelectCare Worldwide, will merge their travel insurance operations in Canada, the companies announced in a joint statement.
Once all closing requirements have been met, the combined entity, which will operate as Allianz Global Assistance, will be one of the largest travel insurance providers in Canada.
Dr. Daniel Wichels, Chief Financial Officer of Allianz Global Assistance for the Americas, will become the Chief Executive Officer of the combined entity. A subsidiary of The Co-operators will become the lead underwriter.
This combined entity will leverage the strengths of two of Canada’s leading travel insurance companies to enhance their product and service offerings. It will benefit from TIC’s extensive distribution network of more than 8,000 brokers and travel agencies throughout Canada. It will also benefit from access to Allianz Global Assistance’s global network of service providers which services 250 million people worldwide.
Upon completion of the share exchange transaction, which is targeted for the end of the year, Allianz Worldwide Partners S.A.S., the parent company of Allianz Global Assistance Canada, will own 55 per cent of the combined legal entity, AZGA Service Canada Inc. Co-operators Life Insurance Company will have an ownership stake of 45 per cent, based on relative economic valuations.
The combined entity will employ more than 600 people. The offices of both companies will remain open and there will be no changes to coverage or interruption in services to clients during the integration period.