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Sherbrooke, Septembre 4, 2016 — Promutuel Insurance Coaticook-Sherbrooke, Promutuel Insurance Drummond, and Promutuel Insurance Monts et Rives are proud to announce they have obtained the necessary regulatory approvals to join forces and create a new mutual insurance association. The new entity will be called Promutuel Insurance Centre-Sud.
“By merging the activities of three mutuals, Promutuel Insurance Centre-Sud is positioning itself favourably for continued growth in an increasingly competitive market. It will be very active at the local and regional levels,” states the new Chair of the Board of Directors Robert Perreault.
“A merger of this size takes a lot of work, but the rewards for both our employees and our insured members make it all worth while," says Promutuel Insurance Centre-Sud General Manager Guylaine Romanesky, adding “Our team has never been more motivated and they’re ready to offer even more services to our insured members.”
The mutual’s head office will be in Sherbrooke. The same outstanding service will continue to be provided across the full expanse of the merged territories by the hundreds of employees at the seven service offices in the region.
Several steps had to be taken before the activities of these three mutuals could be merged. First, insured members were asked to vote on the project at an extraordinary general meeting held March 16, 17, and 20. Then, Promutuel Insurance posted a merger agreement for four consecutive weeks. An application was then submitted to Autorité des marchés financiers (AMF), which ensured the new mutual complied with all legal requirements. Finally, AMF recommended the merger to the Minister of Finance of Québec, who approved the merger today.
Promutuel Insurance Centre-Sud will rely on the expertise of 101 employees serving 41,700 insured members. Promutuel Insurance Centre-Sud premiums total nearly $48 million.
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