Corporate Sector
CAISSES POPULAIRES ACADIENNES’ CORPORATE SECTOR
In September 1995, the Caisses populaires acadiennes developed an organizational structure which includes a corporate sector, made up of corporations grouped into two holding companies.
These two holding companies are Acadia Financial Holdings and Acadia Service Corporation, and their objective is to hold the shares of their subsidiaries.
ACADIA FINANCIAL HOLDINGS
Founded: 1994
Mandate:
- Provide the Caisses populaires with additional financial products.
Subsidiaries:
ACADIA FINANCIAL SERVICES
Founded: 1995
Mandate:
- Restricted broker whose main function is to issue mutual funds within the network of the Caisses populaires acadiennes
- Custodian of the registered education savings plan offered by the Caisses populaires acadiennes
- Develop the expertise needed to accommodate the planning and financial management needs of members and external customers
ACADIA GENERAL INSURANCE, subsidiary of the Fédération des Caisses populaires acadiennes
Founded: 2005
Mandate:
- Provide automobile, property and commercial insurance to members of the Caisses populaires acadiennes as well as the general public
- Offer quality insurance products and superior service at competitive prices
Note:
Acadia General Insurance began its operations in 2007.
ACADIA INVESTMENT
Founded: 1998
Investment portfolio: $435 million (as of December 31, 2008)
Main partner: Addenda Capital
Mandate:
- Manage the investment components of the Mouvement des caisses populaires acadiennes
- Offer its customers a complete range of services, including fixed-interest securities, as well as Canadian, American and international shares
ACADIA LIFE
Founded: 1948 (under the name of Société d'Assurance des Caisses populaires acadiennes)
Assets: $68 million (as of December 31, 2008)
Funds under management: $81 million
Mandate:
- Contribute to the financial security of the Caisses populaires’ members and external clients from the Atlantic market by giving them easy access to insurance and investment products, as well as personalized financial services.
AVIE
Founded: 2008 (Partnership between Acadia Life and Assumption Life)
Mandate: Over the last several years, Acadia Life and Assumption Life have each faced fierce competition in the insurance business. In order to increase their strength in the market, the two insurance companies have decided to join together and combine their sales force. It is the union of two important parts of the heritage of the Acadian community’s personal insurance market in New Brunswick, which will ensure:
- a greater accessibility to products and sales force to better serve our members: this partnership lets us offer a more complete range of products to meet the needs of our members;
- the durability of Acadia Life and Assumption Life: by providing themselves with a larger distribution system, Acadia Life and Assumption Life position themselves to become more competitive and more profitable.
ACADIA SERVICE CORPORATION
Founded: 1995
Mandate:
- Provide the Caisses populaires with technical and specialized services to complete their range of financial products and services
- Provide services to other businesses or financial institutions
Subsidiaries:
ACADIA SERVICE CENTRE
Founded: 1995
Mandate:
- Provide the Caisses populaires acadiennes and its members with a complete range of electronic payment management services, therefore becoming a pioneer in the Atlantic region
- Manage the cheques of the Caisses populaires acadiennes
- Act as the management centre for the Centre de financement of the Caisses populaires acadiennes network
- Act as the management centre for direct deposits and withdrawals
- Offer personal property registration services to the Caisses populaires acadiennes and its external clients (PPRS)
- Manage title insurance files
SERVICES UNIS DE VÉRIFICATION ET D'INSPECTION
Founded: 1974
Mandate:
- Offer an external auditing service to the Caisses populaires and cooperatives affiliated to the Mouvement des caisses populaires acadiennes in compliance with generally recognized auditing standards in order to allow them to present audited financial statements to their members that are consistent with their financial situation and comply with generally recognized accounting principles and legislated regulations
- Offer inspection services to the Caisses populaires in order to inform them and the Office de stabilisation de la Fédération des caisses populaires acadiennes regarding the quality of credit management, financial practices and conformity to statutory regulations at the Caisse populaire’s level to promote its continuity and evolution
- Offer consulting services (accounting, taxation, committee memberships, etc.) to the various institutions of the Mouvement des caisses populaires acadiennes
