Following the closing, Desjardins will operate the newly acquired State Farm Canada businesses under the State Farm brand for an agreed license period.
State Farm will make a $450 million investment in non-voting preferred shares into Desjardins Group's post-closing property and casualty insurance business, which will include the newly acquired State Farm Canada property and casualty operations.
Speaking of the company that remains near and dear to his heart – The Dominion – Cooke points to the ongoing trend in the industry of mergers and acquisitions, and what it bodes for the future.
“We may be in for quite a period of change in the insurance space,” says Cooke, “and of course the recent acquisition by Travelers of The Dominion is another substantial, financially strong move. They bought something that was roughly four times their own size.
“In a way this is a new player (Desjardins),” Cooke points out. “It looks like you are going to have some action for a while.” (continued.)