The province of Saskatchewan recently gave Saskatchewan Government Insurance Canada $21 million to help them move into the competitive insurance industry that characterizes Alberta, according to the provincially owned Company.SGI will initiate operations in Alberta in spring 2006, at which time its Alberta-based business will sell home and property insurance through its SCISL subsidiary.SGI is moving into Alberta in response to the Alberta governments passing of a legislation that allows a government-owned insurance company to operate in that province.n additional amount of $4 million was given to SGI by the Crown Investments Corp.. These funds are to be allocated to SGI’s existing Coachman venture in Ontario.The $25-million in capital injection will aid the insurer in its attempt to realize its out-of-province operation growth targets and help it spread its risks geographically, according to the Company’s quarterly report. The report also stated that SGI’s operations outside of Saskatchewan will contribute profits to their bottom line. To date, SGI has received $80 million in cash advances from the government of Saskatchewan.
SGI moves into Alberta