FirstOntario Credit Union (118,000 members, $5 billion in assets) has launched its own independent insurance brokerage.
This initiative means that FirstOntario has become the first credit union in Ontario to add auto and home insurance to its product portfolio. Commercial insurance will eventually be offered as well. Membership with FirstOntario isn’t required to buy its insurance.
The subsidiary, called FirstOntario Insurance Brokers, opened this past July after gaining regulatory approval to own/operate an insurance brokeragerm. FirstOntario chief risk officer Dave Schurman said in a media release that the brokerage will offer “competitive rates, exceptional personal service and the added peace of mind that comes from knowing you’re getting professional advice from a name you know and trust.” ◊