Merger creates one of the largest providers in Canadian travel insurance

Allianz Worldwide Partners and The Co-operators Group have completed the merger of their respective Canadian travel insurance companies to create one of the largest travel insurance providers in the country, notes a joint statement issued Thursday.

The merger of Allianz Global Assistance Canada and TIC Travel Insurance Coordinators, first announced in September, has created the business operating as Allianz Global Assistance.

The closing of the merger “represents the beginning of an exciting new chapter for our organization,” says Dr. Daniel Wichels, previously chief financial officer of Allianz Global Assistance for the Americas, who will now serve as chief executive officer of Allianz Global Assistance in Canada.

The combined firm will leverage the strengths of the two organizations to offer industry-leading products and services for Canadian travellers and visitors to Canada, the statement notes.

“As a combined entity, we are better-positioned than ever before to provide innovative travel insurance products and distribution solutions to our valued partners. In turn, we will be able to help even more Canadians with unparalleled global support when they travel abroad,” Wichels says in the statement.

Allianz Worldwide Partners S.A.S., the parent company of Allianz Global Assistance Canada, owns 55% of the combined legal entity, AZGA Service Canada Inc. Co-operators Life Insurance Company owns 45%, the statement notes. The combined legal entity includes subsidiaries AZGA Insurance Agency Canada Ltd. and SelectCare Worldwide Corp. Allianz Global Assistance will offer travel insurance products underwritten by its established underwriter partners.

“There will be no changes to any in force policies purchased through TIC or Allianz Global Assistance, and no interruption in service to clients,” the companies add.