ING Canada, a subsidiary of Holland’s ING Group, and seven Canadian insurance brokers have made a joint bid for all of the shares of Equisure Financial Network, one of Canada’s leading insurance brokers and financial services provider.
The offer of $7.00 per share values Equisure at $136 million. It is conditioned on the receipt of at least two thirds of the outstanding shares by November 24th, and necessary regulatory approvals.
ING made the move in response to Equisure’s announcement earlier in the year that it was seeking a buyer. The Board of Directors, and a special committee of independent directors have already approved the ING bid.
ING announced that the seven participating brokers were : Terry Bradley of Morgex Insurance Ltd. (Edmonton) – Michel Chapdelaine of Chapdelaine Assurances, Inc.- Grant Dinan of Dinan Insurance Brokers and Financial Services Ltd. – Ivan Durigon of H.J.M. Insurance Brokers (Ontario) – Pierre Pagé of Ferron, Rousignant, Pagé & Associés, Inc. – H. Ross Totten of South Western Insurance Group Ltd., and Perry Yanke of Cedar Square Insurance and Financial Centre Ltd. “These seven brokerage houses represent 45% of Equisure’s premium volume,” said the announcement.
Yves Brouillette, president and CEO of ING Canada characterized the acquisition of Equisure as a first step in creating a new business model “aimed at strengthening the partnership between ING and the Canadian community of property and casualty insurance brokers.” He indicated that, “Once the transaction is completed, brokers associated with Equisure and others will have the opportunity to participate in the ownership of brokerages operating under the Equisure banner.”
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