iA Financial Group has finalized its acquisition of two blocks of business from Prosperity Life Group.
The acquired insurance blocks consist of final expense and term life products, which were issued by S.USA Life Insurance Company, a subsidiary of Prosperity. The swoop spans over 115,000 policies and more than $100 million in annual premiums. S.USA, a life insurance firm based in Arizona, is licensed to offer life, annuity, and health insurance across 47 states and the District of Columbia.
In addition, iA Financial’s products will now be accessible through Prosperity’s distribution network, which includes approximately 15,000 sales agents contracted via independent marketing organizations (IMOs).
Notably, around two-thirds of these agents and IMOs already hold contracts with American-Amicable Life Insurance Company, an iA Financial subsidiary, to market iA Financial products.
Sean O’Brien, executive vice president and chief growth officer of US operations, commented: “With the closing of this transaction, iA continues to enhance its footprint in the United States, further solidifying its position in the final expense and term life markets.
“We are pleased to integrate new agents and IMOs and are committed to providing them with the resources and support they need to thrive within our network and continue to offer outstanding service to their clients.”
The completion of the deal was also highlighted by iA Financial president and chief executive Denis Ricard in a separate statement.
“Along with strong organic growth, we recently completed acquisitions in two high-growth sectors: our US insurance operations and our wealth management distribution business in Canada, reflecting our disciplined execution of our strategy,” the CEO said, who was also referring to the swoop for assets of the retail full-service investment broker division of Laurentian Bank Securities via iA Financial subsidiary iA Private Wealth.
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