Canadian Premier becomes first international acquisition for Securian
Securian Financial Group has announced its first international acquisition, Canadian Premier Life and CRI Canada.
Securian will acquire the affiliate companies currently owned by ivari (which rebranded recently from Transamerica Life Canada) which provide insurance products to banks, credit unions and retailers.
“We are excited to enter the Canadian insurance market and diversify Securian internationally with the addition of such a strong group of companies,” said Chris Hilger, Securian’s president and chief executive officer.
Canada Premier Life, CRI Canada and the other element of the acquisition, point-of-sale tech firm Selient, will remain in Canada as independently owned and operated companies under the leadership of CEO Nicole Benson.
The business has 143 employees located across Toronto, Vancouver (Burnaby), Edmonton and Winnipeg.
These insurance terms are the most misunderstood by consumers
As American consumers go shopping for their 2017 health insurance plans, a new report says that less than half of them understand the words insurers use.
Insurance platform PolicyGenius and Radius Research show that the terms that are everyday language to insurance professionals are confusing to many consumers.
Words such as “deductible”, “co-pay” and “out of pocket maximum” are often misunderstood by consumers, although the survey found that women have a better understanding than men.
The least understood word was “coinsurance” with just 22 per cent correctly defining it while 50 per cent know what “deductible” means and 52 per cent correctly identified the meaning of “co-pay”.
Aspen acquires Puerto Rican insurer
Aspen Insurance has acquired Blues Waters Insurers, a specialist marine insurance agency headquartered in Puerto Rico.
Blue Waters currently provides its services across Puerto Rico and the Caribbean and will become part of Aspen’s global marine operation, which will benefit from the access to Blue Waters’ key markets.
“It is a successful business with strong prospects and is an excellent fit with our marine business in the U.S. as it adds local, technical expertise to support Aspen Insurance's expansion by delivering localized service to a new geography," commented Aspen’s president and chief underwriting officer David Cohen.
Blue Waters President, Eugenio M. Rosas, will continue in his role, reporting to Patrick Hickey, Executive Vice President and Head of U.S. Marine, Aspen Insurance.
