 | |
| Company type | Subsidiary |
|---|---|
| Industry | Insurance |
| Predecessor | State Farm Insurance of Canada |
| Founded | 1944 in Lévis, Canada |
| Headquarters | , |
Area served | Most of Canada |
| Services | |
| Parent | Desjardins Group |
| Website | desjardinsinsurance |
Desjardins Insurance is an insurance unit of the Desjardins Group, an association of credit unions operating in Canada. Desjardins Insurance has two principal subsidiaries: Desjardins Financial Security and Desjardins General Insurance.
The first subsidiary of Desjardins Group was established in 1944 under the name of "Société d'assurance des caisses populaires" (SACP). In 1948, Desjardins Life Insurance, known today as Desjardins Financial Security (DFS), was created. In the post-war environment, they merged under a common name of Desjardins Insurance.
In 2015, Desjardins Insurance acquired the Canadian operations of U.S. based insurer State Farm, [1] which made Desjardins the second largest property and casualty insurer in Canada and the largest in Ontario. [2] This acquisition almost doubled the company's premiums, increasing from 2 billion to 4 billion. [3] At the time, approximately 50% of their volume came from what was once State Farm. Other business derives from Desjardin's group insurance (The Personal), white label activities with Scotiabank, brokerage with Western Financial, and activities related to the exclusive agents of Quebec. [4] In 2018, State Farm Canada was officially rebranded to Desjardins Insurance through Desjardins Insurance Agents. The whole transition was to be completed by December 31, 2019. [5]
The Desjardins Group is a Canadian financial service cooperative and the largest federation of credit unions in North America. It was founded in 1900 in Lévis, Quebec by Alphonse Desjardins. While its legal headquarters remains in Lévis, most of the executive management, including the CEO, is based in Montreal.
State Farm Insurance is a group of mutual insurance companies throughout the United States with corporate headquarters in Bloomington, Illinois. Founded in 1922, it is the largest property, casualty, and auto insurance provider in the United States.
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Desjardins Financial Security (DFS) is the life and health insurance arm of Desjardins Group, the leading financial institution in Quebec and the largest cooperative financial group in Canada. DFS registered a record-breaking revenue data in 2016, with a year-over-year increase of 12.5%. In terms of written premium, the industry ranks second in Quebec, and fifth in Canada.
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Desjardins General Insurance (DGI) is the P&C insurance subsidiary of Desjardins General Insurance Group, itself a subsidiary of Desjardins Group. The brand is sister with Desjardins Financial Security, and both of them regroup under the banner of Desjardins Insurance.They now serve customers in three provinces of Canada: Quebec, Alberta and Ontario. DGI is one of the property and casualty leaders in Canada, and in 2014, Desjardins General Insurance ranked third for customer satisfaction in Quebec.
The Personal Insurance Company, operating as The Personal, is a Canadian insurance company which specializes in group insurance, primarily home insurance and vehicle insurance. The Personal is a subsidiary of Desjardins General Insurance, the third largest P&C insurer in Canada.
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