Insurer sells off U.S. business to concentrate on Canadian market

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Insurer divests U.S. business to focus on Canada



“**Wawanesa Mutual Insurance Company Sells Wawanesa General Insurance Company: What You Need to Know**

In a strategic move, the Wawanesa Mutual Insurance Company recently announced the closure of the sale of its Wawanesa General Insurance Company to the Automobile Club of Southern California. This decision marks a significant shift for the mutual company as it redirects its focus towards expanding its operations in Canada.

**Impact on Financials and Market Position**

Initially, with over $4 billion in annual revenues and assets of nearly $12 billion, Wawanesa was a key player in the Canadian property and casualty insurance market. However, recent data indicates a decline in these numbers, with annual revenue now standing at just over $3.5 billion and assets totaling $10 billion. Despite this decrease, the company remains a formidable presence in the industry, serving over 1.7 million members across Canada.

**Strategic Vision and Future Prospects**

Jeff Goy, the president and CEO of Wawanesa Mutual, expressed confidence in the decision to focus on the Canadian market, citing the company’s longstanding history of 127 years in the region. By strengthening their product offerings and services for Canadian families and businesses, Wawanesa aims to solidify their position and drive growth in their home market.

**Conclusion: Embracing Change for a Better Future**

The sale of the Wawanesa General Insurance Company signifies a strategic shift for the Wawanesa Mutual Insurance Company. By prioritizing their operations in Canada, the company aims to enhance its offerings and cater to the evolving needs of its customers. As the industry continues to evolve, this move reflects Wawanesa’s commitment to adaptability and sustainable growth. Only time will tell the full extent of the impact of this decision, but one thing is certain – change is on the horizon for Wawanesa Mutual, and it’s a change that holds promise for a brighter future.”



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