Insurance company Industrial Alliance Insurance and Financial Services (iA) has announced that it has signed an agreement with auto insurance distributor Groupe PPP Ltée.
Terms of the transaction and the purchase price were not disclosed. iA, however, said that the acquisition will not have a material effect on its capital and net income.
iA has been purchasing distributors regularly over the last couple of years, gradually adding to its distribution network. This year alone, the insurer has acquired four companies (including this one), with one purchase through its subsidiary, T.E. Wealth.
Groupe PPP, a company of about 150 employees, offers creditor insurance, replacement insurance, extended warranties, and other comparable products to automobile dealers. It is based in Quebec City and has been in business for over 35 years.
“This acquisition represents another step in the expansion of our distribution network. Groupe PPP’s activities will be integrated with the activities of iA Financial Group’s Dealer Services division, which are already well established across Canada,” said Luc Samson, vice-president of Sales and Administration of iA’s Dealer Services Division.
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