An agreement to purchase shares sees a major holding company increase its ownership of a major insurer
E-L Financial Corporation Limited has agreed to purchase Guardian Assurance Limited's 19% share of holding company E-L Financial Services Limited (ELFS).
"For years, Empire Life has been an important long-term investment for E-L Financial," said Duncan Jackman, Chairman and Chief Executive Officer of E-L Financial, "We are very excited about being able to increase our stake in this great company and reinforce our continued commitment to its ongoing success."
As a result of this agreement, E-L Financial will own 100% of ELFS, which owns 98.3% of The Empire Life Insurance Company (Empire Life).
The transaction will close next week, at a purchase price of approximately book value, or $200 million (CDN).
