Postal Service Disruption | Interruption des services postaux

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Les ministères, les sociétés d’État et les organismes du gouvernement de la Saskatchewan travaillent à réduire au minimum les répercussions de l’interruption des services postaux.

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SGI CANADA INVESTMENT APPROVED

Released on December 17, 2001

SGI CANADA has received approval to strengthen its partnership with the

Insurance Company of Prince Edward Island (ICPEI) by investing up to $1

million into three of its sister companies. The purchase will be made

through SGI CANADA's subsidiary, SGI CANADA Insurance Services Ltd. (SCISL).



In January 2001, SCISL purchased a 75 per cent share in ICPEI in an effort

to spread risk outside the province and to protect jobs in Saskatchewan.

This new purchase builds on the original investment and will garner a 25

per cent share in the three sister companies.



The companies are Charlie Cooke Insurance Agency Ltd. (CCIA), Atlantic

Adjusting and Appraisals Ltd., and Maritime Finance and Acceptance

Corporation. The companies, along with ICPEI, are part of the umbrella

group of Cooke Insurance.



"CCIA is the sole distributor of ICPEI products," SGI CANADA President

Larry Fogg said. "It's to our advantage to become a strategic partner so

that we have a voice in the future of CCIA and, subsequently, ICPEI."



SGI CANADA's expansion into other provinces has been very successful. In

addition to P.E.I., SCISL currently operates in Manitoba and Ontario. In

2000, SCISL brought in over $7 million in premiums.



"Continued expansion means new jobs will be created in Regina's head

office, our insurance risk will become less concentrated and we'll be able

to generate a higher rate of return for Saskatchewan shareholders," Fogg

said.



The investment will be funded through SGI CANADA's existing capital and is

expected to provide a greater rate of return than it would in the SGI

CANADA investment portfolio.



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For more information, contact:



Julianne Jack

SGI

Regina

Phone: (306) 775-6907

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