Life and health insurance company and financial services provider iA Financial Group (TSE:IAG, Mkt cap 5.62B, P/E 14.88, Div/yield 0.32/2.30, EPS 3.74, Shares 102.93M), formerly known as Industrial Alliance Insurance and Financial Services Inc, confirmed last week that it has acquired Quebec-based Groupe PPP Ltée for an undisclosed sum.
Groupe PPP offers after-sale marketing products, such as replacement insurance, creditor insurance, technological solutions and other warranty and insurance products. Established in 1980, the business has strategic partnerships with some of the biggest players in the automobile industry, including a 10+ year partnership with CAA-Québec.
“This acquisition represents another step in the expansion of our distribution network,” commented Luc Samson, vice president of Sales and Administration for iA Financial Group’s Dealer Services division.
The activities of Groupe PPP will be integrated within the Dealer Services unit, Samson explained.
Félix Lambert, chairman of the Groupe PPP board of directors, said: “We are pleased with this opportunity for partners of Groupe PPP. This will allow them to offer a broader range of products and services to their clients and have a direct relationship with the manufacturer of these products.”
The acquisition was completed on November 18, 2016.
iA Financial Group said that the impact of the transaction on its capital and net income is “not material”.
Industrial Alliance Insurance and Financial Services Inc. is a Canada-based company, which offers a range of life and health insurance products, savings and retirement plans, mutual funds, securities, auto and home insurance, mortgage loans, and other financial products and services. The Company’s segments include Individual Insurance, which includes life, health, disability and mortgage insurance products; Individual Wealth Management, which includes individual products and services for savings plans, retirement funds and segregated funds, as well as securities brokerage, trust operations and mutual funds; Group Insurance, which includes life, health, accidental death and dismemberment, creditor insurance, replacement insurance, replacement warranties and extended warranties, and specialized products for special markets solutions; Group Savings and Retirement, and Other, which includes auto and home insurance products, as well as asset management and financing. More from Reuters »
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