Securian Financial Group, a U.S.-based financial services company, announced yesterday that it has signed a definitive agreement with Canadian company
ivari to purchase the latter’s affiliate companies. This is Securian’s first expansion outside of the United States.
The mutual holding company is looking to acquire some of
ivari’s leading affiliate companies, particularly those that provide and distribute insurance products to Canadian banks, credit unions and retailers. Some of the businesses to be acquired include insurance manufacturers Canadian Premier Life Insurance Company and Legacy General Insurance Company, distributor CRI Canada, and Selient.
Following the acquisition, the purchased companies will remain in Canada as independently operated and managed affiliates of Securian Financial Group. Nicole Benson will serve as chief executive officer of the operations; she has led the businesses since 2005.
“We are excited to enter the Canadian insurance market and diversify Securian internationally with the addition of such a strong group of companies,” Securian president and CEO Chris Hilger said in a statement. “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.”
“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,” commented Benson. “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.”
The transaction is expected to close in the first quarter of 2017.
Related stories:
More Insurance Business Award finalists revealed
Morning Briefing: Everest Re Group CEO to leave
