Evergreen Pacific Insurance (EPIC) has signed an agreement to purchase all of the issued and outstanding shares in the capital of Canada-based Revolution Insurance Services.
The acquired Canadian insurance company is licensed to sell life, accident, and sickness insurance in Ontario.
The companies did not divulge purchase price and other terms of the transaction.
Evergreen Pacific Insurance
In June this year, EPIC subsidiary Markers Insurance revealed plan to introduce guaranteed issue insurance product for individuals providing coverage for medical cannabis prescriptions. This is said to be first such product being launched in Canada.
Evergreen Pacific Insurance head of the insurance division and president of Markers Insurance Klaus Zabel commented: “The acquisition of Revolution provides us with a well-established group insurance platform, to market employee benefit plans.”
EPIC in its press statement noted that it intends to launch a group insurance product for employers later this year. The planned offering is expected to include coverage for medical cannabis as well as select paramedical services.
As a financial-services holding company, EPIC owns, operates, and invests in businesses involved in designing, developing and distributing insurance products and risk management platforms.