27 February 2018 14:00
In an interview with the Journal of insurance, Jim Burton, CEO of PPI, has revealed that he sought from the beginning of 2017 a buyer for his firm. His choice was stopped on ai financial Group.
Discussions were thus initiated in the summer, has revealed to Mr. Burton. Meetings were held with firms of private investment. However, Mr. Burton and his associates have come to the conclusion that it was important to find a company that matched their values. Therefore, they turned to the insurers in the fall.
Access to capital
As to the choice of iA financial Group, it is explained by several reasons, said Mr. Burton. Access to capital was one of them, just as the vision to develop products. The commitment to the independence of PPI was such a person, » he said. «We have been clear that they were looking for an entity that is completely independent «, said Mr. Burton.
The leaders of the PPI will remain the same, » said Mr. Burton, which includes Jim Virtue , and John McKay. Same thing for the employees, he says.
ai has control over the board of directors
iA financial Group will, however, have control complete on the board of directors of PPI, has revealed to Mr. Burton, and which was also confirmed by the insurer of the insurance Journal. Jim Burton will remain a member, an officer of the insurer.