Securian Canada Inc., a subsidiary of Securian Financial Group, has today announced its acquisition of Armour Group Inc., marking its third Canadian acquisition in five years.
Based in London, Ontario, Armour Group distributes insurance and warranty products through automobile dealers, recreational vehicle dealers and finance companies in Canada. Following the Securian deal, which closed September 01, 2021, Armour Group will continue to operate independently under its current leadership.
“The acquisition of Armour Group and access to its broad distribution network diversifies our revenue and gives us a natural opportunity to expand into attractive adjacent markets,” said Chris Hilger, Securian Financial’s chairman, president and CEO.
Securian Financial has now completed three strategic acquisitions in Canada. The US-based insurer started its international expansion in 2017, when it acquired Toronto-based Canadian Premier Life Insurance Company and distributor Valeyo. In 2020, Securian Financial bought the Canadian block of business from Gerber Life Insurance Company.
Hilger added: “Our business in Canada is growing and we continue making strategic investments to accelerate our momentum in the country.”
Terms of the Armour Group transaction were not disclosed.