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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/
Aleks Hara - Registered Insurance Broker
Cornerstone Insurance Brokers Ltd.
AHARA@CSIB.ORG
T:416-798-8001 ext 311
T:1-888-768-8001 ext 311
F:905-264-5178
"Cornerstone - Your broker of choice - We make it simple!"
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.
Scarborough group ride 4.0! Every Sunday, 1:30, Timmies at KC!!! Facebook group!! ^^^ OMG ROFL!!! ^^^
Dress for the crash, not for the ride...
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.
Wow! Intact was huge BEFORE this acquisition!
I'm an Actuarial Analyst for a Major Canadian Insurance Company. I analyse claims patterns to determine overall rate changes, as well as relative premium differences by various risk characteristics (eg. age, experience, claims, convictions, usage, etc.)
Unless it's private, please post insurance-related questions in the forum rather than sending me a PM.
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