Desjardins to buy State Farm Canada
The Desjardins Group new President and CEO Monique F. Leroux, speaks to delegate, Saturday March 29, 2008, at Desjardins annual meeting, in Quebec City. (Clement Allard / THE CANADIAN PRESS)
The Canadian Press
Published Wednesday, January 15, 2014 2:00PM EST
MONTREAL -- The State Farm Canada business is being acquired by Desjardins, which expects to gain about 1.2 million customers in several provinces.
The Quebec-based financial co-operative will operate the business as a separate unit with about 1,700 State Farm employees and 500 agents.
Desjardins says it expects the deal to close in about a year, in January 2015, after going through the regulatory review process.
It expects to become Canada's second-largest provider of property and casualty insurance, which includes home and auto coverage.