The $14.5 billion Vancity, Canada's largest credit union, said it will sell its subsidiary that offers business, home, auto and travel insurance to The Co-operators, a Canadian cooperative.
Vancity Insurance Services Ltd. has 28,000 residential, 48,000 auto, 10,000 travel and 2,000 commercial insurance policies, the Vancouver-based credit union said in a July 21 statement.
Under the agreement, The Co-operators subsidiary, Federated Agencies Ltd., will acquire VISL, including all its service locations, on Sept. 1. VISL customers' insurance plans will remain in effect with no changes to their premiums or coverage for the current term of their policies, according to Vancity. VISL retail locations will begin to operate under The Co-operators brand on Sept 2. A purchase price for the transaction was not disclosed.
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Vancity said it will continue to offer life, creditor and title insurance as part of its overall financial services offering.
The Co-operators is a group of Canadian companies offering home, auto, life, group, travel, commercial and farm insurance, as well as investment products. Owned by Canadian cooperatives and credit union centrals, parent company The Co-operators Group Ltd. has more than $7 billion in assets.
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