Intact Insurance Bought Jevco Insurance
Just got news that Intact Insurance purchased the whole Jevco/Kingsway Insurance Company. Intact was formerly ING Canada up until a few years ago, and they are the biggest insurance company in Canada. They also recently acquired AXA insurance, and are the parent company of BelairDirect, Novex, GreyPower, and a few other smaller insurers.
What will happen to Jevco and their motorcycle program is anyone's guess... We'll just have to wait and see.
http://www.theglobeandmail.com/globe...rticle2420018/
Re: Intact Insurance Bought Jevco Insurance
Watch out with Intact! I recently cancelled my policy with Axa, I guess it was right when they were switching over! A month after I cancel my monthly insurance premium comes out of my bank account AGAIN! I'm like WTF and call my broker. "Whops, I'll get that corrected, I suggest you put a stop payment on your account." No problem, $20 for a stop payment order, yay. I put a stop payment on it and the next month IT COMES OUT AGAIN under "Intact"!! I couldn't believe it. The broker refunded my money (and my $20 stop payment fee) out of his own pocket, and said he'd get it back from Intact. It sounded like I wasn't the only one having issues.
I ended up cancelling the entire bank account.
-Jamie M.
Re: Intact Insurance Bought Jevco Insurance
There definitely be some back hiccups when two companies merge or is taken over. I remember having my bank access card disable when TD and Canada Trust merge. They also changed my account from a value account to an executive account that must keep a balance of $5000 to maintain no fees(I was a student at the time). Sounds like the broker did the right thing, he would have recouped that back from them in due time.
Re: Intact Insurance Bought Jevco Insurance
Wow! Intact was huge BEFORE this acquisition!
