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Major Jevco Update from John Duffy Insurance
- Thread starter Insurance Guy
- Start date
Off topic. Contact a broker or an agent for quotes . . . it's free!
Kingsway Financial Services Inc. (KFS) issued a press release on January 25th, 2010 announcing that they have entered into an agreement to sell Jevco Insurance to Westaim Corporation subject to certain conditions including regulatory approval.
Westaim invests, directly and indirectly, through acquisitions, joint ventures and other arrangements, with the objective of providing its shareholders with capital apprecitation and real wealth preservation. Westaim's common shares are listed on The Toronoto Stock Exchange under the trading symbol WED.
The move is designed to allow Jevco to operate as a strong, independent and financially stable Canadian insurance company. "We are excited with the significant growth opportunities ahead, and look forward to our future with Westaim," said Serge Lavoie, CEO of Jevco.
Jevco will continue to focus on their areas of expertise namely: non-standard automobile, motorcycle, recreational vehicles and surety. They will also offer commercial automobile and property products.
Westaim invests, directly and indirectly, through acquisitions, joint ventures and other arrangements, with the objective of providing its shareholders with capital apprecitation and real wealth preservation. Westaim's common shares are listed on The Toronoto Stock Exchange under the trading symbol WED.
The move is designed to allow Jevco to operate as a strong, independent and financially stable Canadian insurance company. "We are excited with the significant growth opportunities ahead, and look forward to our future with Westaim," said Serge Lavoie, CEO of Jevco.
Jevco will continue to focus on their areas of expertise namely: non-standard automobile, motorcycle, recreational vehicles and surety. They will also offer commercial automobile and property products.
captainlol
Member
So this doesn't affect us in any way?
Did they sell automobile insurance before or is that new for them?
If you are a current policyholder you will not be affected. The positive news is that Jevco will have strong financial backing which will provide stability and allow them to grow in our market place.
In a province with very few motorcycle insurers this is good news for all motorcyclists.
Yes they sold non standard automobile insurance. This means that they specialized in insuring those that have difficulty in attaining insurance through the standard markets due to accidents, convictions and insurance history. This will continue.
They will also be offering commercial automobile insurance and some property products.
I thought kingsway did that and they did motorcycles... I didn't know jevco did car insurance.
I could be wrong, but I think Jevco only sells Auto Insurance in Québec?
I hope Jevco keeps the pre-1995 sportbike surcharge exemption. That will affect my bike selection decision.
My guess is that very little (if anything) will change. I wouldn't worry about changes to the Sport Bike Surcharge list.
I'm crossing my fingers and hoping to be eligible for that next year with my '96.
I don't think the exemption moves up a year each year. I'm certain it stays at pre-1995, for now.
I was under the impression that the exemption applied to motorcycles 15 years or older. Oh well.
I believe that Jevco does adjust the year from time to time, but it won't necessarily be adjusted each calendar year.
Actually prior to the recent merger of Kingsway General and Jevco under the Jevco name; both companies provided motorcycle and non standard auto insurance. In preperation for the merger Jevco wound down their non standard auto insurance program.
Now under the Jevco name both motorcycle and non standard auto are underwritten.
They decided to exempt the 1994 and older super sport bikes from the surcharge several years ago. They have not updated that on a year to year basis; thus 1994 has remained the relevant model year for this exemption.
There is always the possibility that this could change when the rating manual is revisited. I would anticipate some changes for the coming season as rates have not changed since April 2008 which is a long time in this business.
Will they offer car insurance in Ontario or is it just quebec?
They are currently offering non standard auto insurance in Ontario. Non standard auto insurance means that they specialize in drivers that have difficulty attaining insurance on the standard market due accidents, convictions, and insurance history.
They are an alternative to Facility insurance and as such may be able to provide drivers who are in this situation significant savings over the Facility rates.
Oh, I had no idea. I've never heard of a Jevco auto policy in Ontario before. Thanks!
The product name was KPlus. It was designed to compliment the Kingsway General non standard auto product. Kingsway General specialized in the surcharged business and the Jevco product specialized in non surcharged non standard business. An example would be a driver that had a couple of at fault accidents within the past six years but no surcharge for convictions.
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