Allianz Finalizes Merger With TIC Travel Insurance Coordinators
Allianz Worldwide Partners and The Co-operators have announced the completion of the merger of their respective Canadian travel insurance companies. The merger of Allianz Global Assistance Canada and TIC Travel Insurance Coordinators, first announced in September, has created one of the largest travel insurance providers in the country, operating as Allianz Global Assistance.
The combined entity offers products and services for both Canadian travellers and visitors to Canada.
Dr. Daniel Wichels, who served previously as the Chief Financial Officer of Allianz Global Assistance for the Americas, has been named Chief Executive Officer for Allianz Global Assistance in Canada.
"The closing of the merger between Allianz Global Assistance Canada and TIC Travel Insurance Coordinators represents the beginning of an exciting new chapter for our organization. As a combined entity, we are better positioned than ever before to provide innovative travel insurance products and distribution solutions to our valued partners. In turn, we will be able to help even more Canadians with unparalleled global support when they travel abroad," Wichels said.
"While we work to fully integrate our operations, we will continue to deliver on our commitment to world-class service for our partners and customers. Fortunately, we have already started to establish a strong sense of unity among our employees, which will be a key to the long-term success of our merger."
Allianz Worldwide Partners S.A.S., the parent company of Allianz Global Assistance Canada, owns 55% of the combined legal entity, AZGA Service Canada Inc. Co-operators Life Insurance Company owns 45%.
The company says there will be no changes to any in force policies purchased through TIC or Allianz Global Assistance, and no interruption in service to clients.