After receiving the necessary regulatory approvals, Promutuel Insurance Chaudière-Appalaches and Promutuel Insurance Vallée du St-Laurent joined forces on July 1 to become Promutuel Insurance du Saint-Laurent aux Appalaches. This strong, forward-looking new mutual has also become Groupe Promutuel’s largest mutual company based on its premium volume (over $283.6 million), territory, and number of insured members.
“This merger will provide Promutuel Insurance du Saint-Laurent aux Appalaches with first-rate financial and human leverage to propel it well into the future,” said Martin Paquette, the new Chairman of the Board of Directors. “The new mutual will thus be a stronger organization, ready to face the competition, thanks to increased development power,” concluded Mr. Paquette.
“After months of work, the time has come to make the merger official,” added Anne Vaillancourt, General Manager of Promutuel Insurance du Saint-Laurent aux Appalaches. “Our team is more motivated than ever! Thanks to our vast territory and the support of our experienced team, we’ll build a model for the future that will offer our insured members even more services,” said Ms. Vaillancourt.
The head office of Promutuel Insurance du Saint-Laurent aux Appalaches will be located in La Prairie. The quality of service throughout the merged territory will be ensured by the 297 employees at the mutual’s eight points of service.
Before the activities of the two mutual companies could be combined, several steps had to be taken. First, insured members were asked to vote on the project at a special general meeting held on December 11 and 13. Promutuel Insurance then published a merger agreement for four consecutive weeks. An application was then submitted to Autorité des marchés financiers (AMF), which ensured that the new mutual complied with legal requirements. Lastly, AMF made a recommendation to the Québec Minister of Finance, who authorized the merger on July 1, 2024.
For more information:
Anne Vaillancourt, General Manager
418-728-4110 / 1 800 561-4110 / [email protected]