ivari has completed the sale of its Affinity business to Securian Financial Group, a U.S. life insurance and financial services company, announced ivari and Securian April 3.
The businesses acquired by Securian include insurance manufacturers Canadian Premier Life Insurance Company and Legacy General Insurance Company, distributor CRI Canada, and Selient, which provides customized loan and insurance point-of-sale technologies to Canadian credit unions. The businesses remain in Canada as independently operated affiliates of St. Paul, Minnesota-based Securian.
$284.6 million in direct premium
Through the transaction, Securian adds to its portfolio two million Canadian customers; $284.6 million in direct premium (2015 CAD); offices in Toronto, Burnaby, Edmonton and Winnipeg and approximately 150 employees, said Securian in its announcement.
“We are excited not only for Canadian Premier Life and CRI Canada, but also for the banks, credit unions and retailers we serve,” said Nicole Benson, Securian’s chief executive officer. “While maintaining our vision and commitment, we will leverage Securian’s distribution expertise to provide our clients with a broader range of financial solutions for their customers.”
The sale does not impact any of ivari’s other products, said the insurer in its announcement.