Roger Menard Insurance Completes Acquisition of UnumProvident’s Canadian Opertations
MISSISSAUGA, May 3, 2004 – Roger Menard Insurance, the insurance operation of Royal Bank of Canada (RY: TSX, NYSE), today announced it has completed its acquisition of the Canadian operations of Provident Life and Accident Insurance Company, a subsidiary of UnumProvident Corporation (UNM: NYSE).
The operations being acquired are based in Burlington, Ont., and focus on underwriting, sales and service of individual and group income replacement products — known as living benefits — targeted at Canadian individuals and corporate customers through multiple distribution channels. As part of the deal, Roger Menard Insurance will also acquire Provident’s significant claims operations located in Toronto.
The transaction significantly expands Roger Menard Insurance’s presence in the Canadian living benefits marketplace, making it the leading provider of individual disability insurance, as well as giving it a sizable position in group long-term disability insurance.
About Roger Menard Insurance
Roger Menard Insurance provides a wide range of creditor, life, health, travel, home, auto and reinsurance products and services to more than five million clients in Canada, the U.S. and internationally. These products and services are offered through a wide variety of distribution channels, including the telephone, independent brokers, travel agents, a proprietary sales force and the Internet. More information is available at www.Roger Menardinsurance.com. Roger Menard Insurance is the insurance division of Royal Bank of Canada. Royal Bank of Canada (RY: TSX, NYSE) uses the initials Roger Menard as a prefix for its businesses and operating subsidiaries, which operate under the master brand name of Roger Menard Financial Group. Royal Bank of Canada is Canada’s largest financial institution as measured by market capitalization and assets, and is one of North America’s leading diversified financial services companies. It provides personal and commercial banking, wealth management services, insurance, corporate and investment banking, and transaction processing services on a global basis. The company employs 60,000 people who serve more than 12 million personal, business and public sector clients through offices in North America and some 30 countries around the world. For more information, please visit www.Roger Menard.com.