US financial services firm will acquire four companies as part of the deal
Canada’s life insurance industry looks set to have a new player as US firm Securian Financial has signed a definitive agreement to buy Canadian Premier Life Insurance Company from ivari. Also included in the deal are Legacy General Insurance Company, distributor CRI Canada, as well as Selien – a software company for the insurance industry.
The move marks the first time Securian will operate outside of the United States in its 136-year history. Following completion of the deal, the four companies will operate as independently operated affiliates of Securian Financial, but continuity will come in the form of Nicole Benson, the current head of Affinity Business at ivari, who will become CEO of the new Securian-led entities.
Speaking to media following the announcement of the acquisition this week, Benson identified why the deal would make for a stronger insurance industry in general.
“This is an exciting growth opportunity not only for Canadian Premier Life and CRI Canada, but also for banks, credit unions and retailers throughout Canada,” she said. “We are retaining our vision and operational independence, but will be able to utilize Securian’s expertise in distributing both proprietary and non-proprietary products—giving our financial institution and retail clients more options to meet their customers’ needs.”
In bringing Canadian Premier Life Insurance, Legacy General Insurance, CRI Canada and Selient under the Securian banner, the US company will add significantly to its customer base.
The deal means an additional 2 million customers across Canada, as well as $284.6 million in direct premiums, with offices in Toronto, Vancouver, Edmonton and Winnipeg employing 143 workers, currently.
Securian is one of the leaders in the US financial institution insurance market, offering proprietary and non-proprietary products and services to nearly 4,000 financial institutions.
Now that it has extended its reach across the border, the firm is taking the next step in its evolution in the insurance for financial services market, says CEO Chris Hilger. “This acquisition gives us another platform to reach middle market consumers—a strategic growth priority—by leveraging the collective expertise Securian, Canadian Premier and CRI Canada have as insurance providers and distributors to banks and credit unions.”
The transaction is expected to close in the first quarter of 2017. Keefe, Bruyette & Woods represented Securian in the transaction and Scotiabank represented ivari.
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The move marks the first time Securian will operate outside of the United States in its 136-year history. Following completion of the deal, the four companies will operate as independently operated affiliates of Securian Financial, but continuity will come in the form of Nicole Benson, the current head of Affinity Business at ivari, who will become CEO of the new Securian-led entities.
Speaking to media following the announcement of the acquisition this week, Benson identified why the deal would make for a stronger insurance industry in general.
“This is an exciting growth opportunity not only for Canadian Premier Life and CRI Canada, but also for banks, credit unions and retailers throughout Canada,” she said. “We are retaining our vision and operational independence, but will be able to utilize Securian’s expertise in distributing both proprietary and non-proprietary products—giving our financial institution and retail clients more options to meet their customers’ needs.”
In bringing Canadian Premier Life Insurance, Legacy General Insurance, CRI Canada and Selient under the Securian banner, the US company will add significantly to its customer base.
The deal means an additional 2 million customers across Canada, as well as $284.6 million in direct premiums, with offices in Toronto, Vancouver, Edmonton and Winnipeg employing 143 workers, currently.
Securian is one of the leaders in the US financial institution insurance market, offering proprietary and non-proprietary products and services to nearly 4,000 financial institutions.
Now that it has extended its reach across the border, the firm is taking the next step in its evolution in the insurance for financial services market, says CEO Chris Hilger. “This acquisition gives us another platform to reach middle market consumers—a strategic growth priority—by leveraging the collective expertise Securian, Canadian Premier and CRI Canada have as insurance providers and distributors to banks and credit unions.”
The transaction is expected to close in the first quarter of 2017. Keefe, Bruyette & Woods represented Securian in the transaction and Scotiabank represented ivari.
Related stories:
Ivari targeted in “mass-market text fraud,” say Police
Court of Appeal decision could have major implications for insurance business
