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June 4, 2001 SGI CANADA Proceeding with Purchase of Ontario Insurance Company
SGI CANADA is proceeding to purchase Coachman Insurance Company, based in Ontario,
for $8.2 million.
SGI CANADA Insurance Services Ltd. will buy the company. It is a subsidiary
of SGI CANADA that sells property and casualty insurance products
in Manitoba, Ontario and Prince Edward Island.
“SGI CANADA aims to meet three main goals when it looks at expansion opportunities,”said
SGI President Larry Fogg. “First, it aims to increase the spread
of insurance risk over a larger geographic area to minimize the
impact of events such as serious storms; second, it looks to increase
the number of jobs in Saskatchewan; finally, it looks to increase
profits, thereby increasing dividends to its owners, the people
of Saskatchewan.
“The Coachman purchase will meet all three goals.”
Coachman Insurance Company has been in business for the past 22 years and is
a leading niche insurance writer in coverage for personal use autos,
primarily in the Ontario market, with approximately $30 million
in direct premiums written in 2000. Through this strategic purchase,
SGI CANADA also acquires expertise in the Ontario auto insurance
market, which is the largest in Canada.
The company has 31 employees and sells its product through a network of 96
independent brokers. SGI CANADA plans to leverage the Coachman purchase to expand
its market share in Ontario with its other insurance products, such as home
and business insurance.
For media inquiries only, contact:
Julianne Jack
SGI Communications
Regina
(306) 775-6907
For all other inquiries, call 1-800-667-8015.
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