27 February 2018 08:40
Industrial Alliance Insurance and financial services inc has bought yesterday PPI Management Inc, one of the leading general agents in Canada. The transaction was immediate.
The acquisition of PPI allows iA financial Group to become the leader in the field of insurance distribution is independent of financial services in Canada, » said Denis Ricard, chief operating officer at ai financial Group.
This new acquisition, combined with that of the network of Heritage Hollis acquired last year, allows iA financial Group to offer the best services which are in insurance and wealth management under a single banner in Canada, » says Mr. Ricard. He also sees another benefit to the acquisition : the division-board of PPI, which favours high net worth clients, will be of value to the advisors in wealth management iA financial Group.
Mr. Ricard stated that iA financial Group is committed to maintaining fully the independence of PPI as a marketing organization that represents and promotes products of all the major canadian insurers. He sees also the recognition that ai believes in the value of the distribution through advisers.
Established in 1978, PPI offers expertise in actuarial, tax and specialized on all aspects of life insurance. The company is recognized for its ability to design proposals for sophisticated customers of market wealth as well as for business people.
PPI is present in fifteen offices in Canada and deals with 3,000 advisors. It operates through all of the insurance companies of importance.
To assist in the financing of the transaction, iA financial Group will, for the benefit of a syndicate of underwriters led by TD Securities Inc. and National Bank Financial Inc., 2 500 000 common shares at $ 54.10 per share for gross proceeds of$ 135 Million. iA financial Group has also granted to the underwriters an over-allotment option, exercisable in whole or in part for a period of 30 days from the date of closing of the offering to purchase a number of additional 250,000 common shares at $ 54.10 per share for total gross proceeds of additional up to $ 149 million.