When Desjardins Group announced last month it would purchase State Farm Canada’s property and casualty insurance business, some wondered if the mammoth acquisition would trickle down to credit unions and CUSOs in the United States.
“The size and scope of the transaction is impressive, given it is a credit union based group that will manage the ongoing business,” said Rock Carter, CEO of National Consulting & Insurance, an insurance program management firm based in Denver.
He added, “The acquisition of an insurance provider, and its related businesses, truly demonstrate a commitment by the Canada cooperative to layer these services as deliverables to their members. It demonstrates the power of cooperative aggregation of resources that can be leveraged to find large business opportunities, given the right environment.”
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