Canadian insurer and wealth supervisor iA Monetary Group has introduced the acquisition of two insurance coverage blocks from Prosperity Life Group within the US.
Monetary phrases of the transaction weren’t disclosed.
The blocks consist of ultimate expense and time period life merchandise, that are a part of the choices from S.USA Life Insurance coverage Firm, a Prosperity firm.
They embody greater than 115,000 insurance policies and over $100m in annual premiums.
S.USA, an Arizona-based life insurance coverage firm, is licensed to function in 47 states and the district of Columbia.
The acquisition not solely provides to iA Monetary’s portfolio but in addition extends an invite to Prosperity’s distribution community to promote iA Monetary’s merchandise.
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This community includes round 15,000 gross sales brokers contracted by unbiased advertising organisations (IMOs).
At the moment, round two-thirds of those brokers and IMOs have current agreements with American-Amicable Life Insurance coverage Firm, a subsidiary of iA Monetary, to distribute iA’s merchandise.
The remaining brokers will likely be inspired to enter comparable preparations.
iA Monetary expects this acquisition will likely be accretive from the primary yr, enhancing earnings on each a core and reported foundation.
Nevertheless, the corporate’s solvency ratio is anticipated to see a lower of round one share level.
iA Monetary govt vice-president and chief progress officer of US operations Sean O’Brien mentioned: “This transaction will additional enhance iA’s robust progress momentum and increase once more its presence in the USA. We sit up for welcoming new IMOs and brokers and serving to them proceed to serve their clients nicely.”
The transaction, which is topic to plain closing situations, comes on the heels of iA Monetary’s acquisition of Vericity.
This $170m deal noticed iA Monetary’s unit, iA, take over Vericity, a US-based direct-to-consumer life insurance coverage supplier.
With a workforce exceeding 400, Vericity goals to supply ‘inexpensive’ life insurance coverage options to the center market, emphasising digital gross sales, fast coverage issuance and non-medically underwritten merchandise.
