Industrial Alliance Insurance and Financial Services has acquired its subsidiary, Industrial Alliance Pacific Insurance and Financial Services, effective 30 June 2012.
As per the merger agreement inked, the former Industrial Alliance Pacific operations will now run under the Industrial Alliance banner, although the firm will continue providing services in individual insurance, wealth management, creditor insurance and extended warranties, and special market risks.
The acquirer said that the consolidation of both firms will enable them to enhance their customer base by offering diversified products with strong financial position.
Industrial Alliance is regulated by the Autorité des marches financiers.
Industrial Alliance Insurance and Financial Services is a life and health underwriter based in Canada, which offers life and health insurance products, savings and retirement plans, RRSPs, mutual and segregated funds, securities, auto and home insurance, mortgage loans and other financial products.
The company stands as the fourth largest life and health insurer in Canada, serving over three million Canadians, employing 4,200 people and managing more than $75bn in assets.
