is a mutually owned multiple product insurance
company which is one of the largest insurance providers in Canada.
Co-Operators Non Farm Insurance
The Co-Operators offers a number of personal insurance products including home insurance
, life insurance
, auto insurance
and travel insurance
. It has recently started offering green product options on all its clients. Reflecting the Co-Operators roots in the Western Canadian farming industry it also offers farm and business insurance
Co-Operators Farm Insurance
The Co-Operators were set up by farmers and have always been strong in the farming community and are the premier suppliers of farm insurance. The basic coverage includes property, general and pollution liability as well as covering machinery, livestock, poultry and produce. Due to the differing types of farms they have additional options on their insurance for example business interruption and farm accident insurance.
Co-Operators Market presence
The company has a market share of 7.4% of the Canadian insurance market and is particularly strong in rural communities in the west of Canada. It is one of the leading providers of insurance services, both personal and business, to farmers. Their main insurance company works through a tied agency network, although they have subsidiaries that use different methods.
The Co-Operators was founded in 1945 by wheat farmers in Saskatchewan and in its early days was very much tied to the wheat industry, with most of its early salesmen being wheat farmers and selling insurance part time. Although founded in Saskatchewan its headquarters are in Guelph, Ontario.
The Co-Operators had 4,481 employees at the end of 2007 and revenues of $2.9 billion and assets of $7 billion. They claim to be the largest Canadian owned multi-insurance provider The Co-Operators has been judged as one of the fifty best employers in Canada
Co-Operators has forty-six members who are credit unions, Canada based co-operatives and other similar organizations. The Co-Operators cite the co-operative model as central to their identity and offering.
Companies owned by the Co-Operators include:
The Sovereign General
- Based in Calgary, this is a specialist business insurer that is sold through independent brokers
L’ Union Canadienne, Compaignie D’Assurance
- A Quebec based company that offers general insurance to business and individuals through independent brokers
- The oldest and original component of the group, still based in Saskatchewan who provide life and travel insurance, pensions and wealth management.
Federated Agencies Ltd.
- A specialist insurer that deals with the more complex or exotic policies as well as specialist wealth management products. It is a referral based back office which tends to deal mainly with other Co-Operator companies. It is based in Mississauga, Ontario.
HB Group and Codesco Insurance companies
- Call centre based property and auto based insurers who sell through affiliate programs through channels such as credit unions, affinity groups and employers. It is also based in Mississauga, Ontario.
- An investment manager for a variety of large investors that is among the top five institutions that manage assets. Other companies within the Co-Operators group and its clients include governments, pension funds, foundations, endowments, mutual funds and pension plans. It is based in Montreal and has $35.6 billion assets under management.
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