The Co-operators acquires Premier group of companies

The Co-operators Group Limited announced on Friday that it has acquired the Premier group of companies.

Premier’s management team, including CEO Troy Moreira, will remain in place and the company will operate as an independent entity as part of The Co-operators group of companies, The Co-operators said in a statement.

“We are committed to preserving Premier’s nature as a managing underwriting agency, benefiting from strong relationships with domestic and international underwriting partners,” said Kathy Bardswick, president and CEO of The Co-operators, in the statement.

“We’re pleased that the management team will remain in place and will operate the company in its current structure, which will ensure the continuation of its productive partnerships with brokers, clients and staff. The deal will create new opportunities for future growth for both sides.”

Premier will benefit from the backing of The Co-operators, a national multi-product insurer. The two organizations have enjoyed a successful relationship for more than a decade, primarily through The Co-operators commercial insurance subsidiary, The Sovereign General, the statement said.

Established in 1989, Premier is a  full-service managing underwriting agencies with five offices in Canada and the United States. It administers more than 80,000 insurance policies and handles product development in-house, and distributes its extensive product offerings through 4,000 broker locations. Premier offers professional liability, environmental lines, construction risks, specialty casualty, general property, specialty personal lines, and is well-known as a pioneer in pleasure craft insurance, the statement said.

Premier’s group of companies includes Premier Marine Insurance Managers Group Inc., Premier Canada Assurance Managers Ltd., and Pacific Coast E&S.

The Co-operators Group Limited is a Canadian-owned co-operative with more than $38 billion in assets under administration. Through its group of companies it offers home, auto, life, group, travel, commercial and farm insurance, as well as investment products.