Canadian Premier Life Insurance Company – a Toronto-based subsidiary of Securian Financial Group – has agreed to purchase the regional book of business of Gerber Life Insurance Company.
Gerber Life was acquired by Western & Southern Financial Group in late 2018. Most of Gerber Life’s book of business in Canada consists of “Grow-Up” whole life insurance policies for children.
Securian has not disclosed how much its subsidiary is paying for Gerber Life’s Canadian business, but noted that Canadian Premier will fully assume the life policies once it has secured permission.
“The Gerber Life brand will no longer be marketed in Canada,” Securian said in a statement.
The deal is expected to close by June 30, 2020.
“Canadian Premier has grown significantly since we acquired the company and this new book of business will accelerate that momentum,” commented Securian Financial chief executive officer Chris Hilger on the deal.
Canadian Premier was acquired by Securian Financial in 2017. The company writes group life, accident & sickness, credit insurance, and creditor insurance solutions.
“We see a bright future in Canada and will continue evaluating opportunities to grow our business in the country,” Hilger added.
ThinkAdvisor reported that Western & Southern will keep Gerber Life’s business in the US.
