On March 27, 2024, Desjardins, through its subsidiary Desjardins General Insurance Group Inc., entered into definitive agreements to acquire all issued and outstanding shares of ICPEI Holdings Inc. (ICPEI Holdings), which operates The Insurance Company of Prince Edward Island (ICPEI). This acquisition, subject to regulatory approvals and customary closing conditions, was aimed at enhancing Desjardins' home, auto, and commercial insurance activities. Desjardins exercised its call option ahead of the original schedule to facilitate this transaction.

The acquisition is expected to bolster Desjardins' position in the Canadian commercial insurance market, diversifying its offerings and enabling better service to small and medium-sized businesses. The expertise of ICPEI and its network of brokers made it an ideal partner for Desjardins. Commercial insurance products will be distributed through ICPEI's brokers, complementing Desjardins' direct channels and exclusive agent network.

Guy Cormier, President and CEO of Desjardins, emphasized that this move would enhance their ability to support business members and clients across Canada. Serge Lavoie, President and CEO of ICPEI, highlighted the alignment of this acquisition with ICPEI's strategic goals and the acceleration of their growth as a major player in insurance distribution.

Previously, Desjardins had acquired a minority interest in ICPEI in February 2023 and had planned a gradual acquisition over 3 to 5 years, which was expedited due to favorable market conditions and ICPEI's progress. This deal follows Desjardins' recent acquisition of Guardian Capital Group Limited's life and health insurance distribution activities.

The financial terms of the transaction were not disclosed.