On August 31, 2000, Desjardins-Laurentian Financial Corporation (DLFC) completed its purchase of CIBC’s property and casualty insurance companies, The Personal Insurance Company of Canada and The Personal Direct Insurance Company of Canada (formerly CIBC General Insurance Company Limited) for a purchase price of approximately $365 million. With the transaction, DLFC, a leading direct property and casualty insurance writer in Quebec, acquires complementary capabilities that are more broadly based throughout Canada. The transaction completes CIBC’s sale of its insurance origination capabilities. CIBC will focus on meeting its customers’ needs by distributing third party creditor and travel medical insurance through bank channels and other third party life insurance products as permitted by regulations.
The legal team assisting CIBC was comprised of lawyers from Blake, Cassels & Graydon LLP and CIBC’s Legal Division. The transaction team included Paul Belanger, Mike Gans and Cecile Chung from Blakes and Trish Callon from CIBC, with technology advice provided by CIBC’s Don Hicks and Christine Ing of Blakes, employment and benefit advice by Elizabeth Fanjoy of CIBC and Blakes’ John Solursh, tax advice by Steve Ferrigan of CIBC and Chris Van Loan of Blakes and real estate advice by Bob Macdonald of Blakes. The DLFC legal team included in-house counsel Hélène Lamontagne and Lise Bernier, together with Benjamin Silver, Madeleine Renaud and Richard O’Doherty from McCarthy Tétrault.