Desjardins Group is buying State Farm Canada’s businesses in property, casualty and life insurance, as well as its Canadian mutual fund, loan and living benefits companies.
The transaction is expected to close in January 2015. Desjardins Group will become the second-largest P&C insurance provider in Canada, with annual gross written premiums of about $3.9 billion, up from $2 billion.
The deal also strengthens Desjardins Group’s position as the fourth-largest life and health insurer in Canada. ◊