Economical Mutual Insurance Co., the Waterloo, Ontario-based property and casualty insurance company, announced the completion of its previously announced acquisition of Western Financial Insurance Co. (WFIC) and its flagship brand Petsecure from Desjardins Group.
Concurrent with the acquisition, WFIC changed its legal name to Petline Insurance Co.. The brand name Petsecure remains the same.
Bringing the market leader in the growing Canadian pet insurance industry into the Economical family of companies is consistent with the strategy of Economical and its focus on profitable growth, both organic and by acquisition, Economical said in a statement.
With net written premiums exceeding $50 million in 2015, Petline provides Canadian pet owners with comprehensive, veterinarian-recommended coverage for dogs and cats, the company added.
Petline will remain headquartered in Winnipeg in order to ensure consistency of service in maintaining products, sales force, customer experience and relationships with veterinarians, shelters and breeders, the statement said.
“This transaction is a step in our growth plan, which includes increasing scale and diversification through acquisitions,” said Rowan Saunders, president and CEO of Economical Insurance.
Source: Economical Insurance
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