Financial services provider Securian Financial Group has announced that it has signed an agreement with life insurer
ivari to acquire its Canadian affiliates, in a move aimed at gaining a foothold north of the US border.
Canadian Premier Life Insurance and Legacy General Insurance, distributor CRI Canada, and credit union specialist Selient are among the affiliates to be acquired under the agreement.
The companies will remain in Canada and will be operated as independent affiliates of Securian Financial Group, the firm said in a release.
Nicole Benson, who has been leading the businesses since 2005, will be chief executive officer.
In total, the companies have a combined customer base of 2 million, with almost $300 million in direct premium – which will increase Securian’s direct premium from financial institutions by 43%.
Around 140 employees will be added to Securian’s roster of professionals occupying offices in four Canadian locations.
“We are excited to enter the Canadian insurance market and diversify…internationally with such a strong group of companies,” Chris Hilger, Securian president and chief executive officer said of the move.
“This acquisition gives us another platform to reach middle market customers, (which is) a strategic growth priority.”
The transaction will take place in the first quarter of 2017.
Securian caters to individuals and businesses with its portfolio of insurance, investment and retirement plans.
Ivari was formerly Transamerica Life Canada and maintains a national network of independent advisors.
Related stories:
Morning Briefing: This influences employee enrolment in health plans more than cash
Insurance and the business case for diversity
