The American firm Securian Financial Group has signed an agreement to purchase ivari's affiliate companies, including insurance manufacturers Canadian Premier Life Insurance and Legacy General Insurance, as well as the distributor CRI Canada and Selient, which provides customized loan and insurance point-of-sale technologies to Canadian credit unions.
In a press release yesterday, Securian revealed that the purchase will bring it 2 million Canadian customers, $284.6 million in direct premiums (based on 2015 results), and 143 employees in offices in Toronto, Burnaby, Edmonton, and Winnipeg. The acquired companies will remain in Canada as independently operated and managed affiliates of Securian Financial Group. Nicole Benson, who has led the businesses since 2005, will be will remain at the helm.
“Excited to enter the Canadian insurance market”
“We are excited to enter the Canadian insurance market and diversify Securian internationally with the addition of such a strong group of companies,” says Securian’s president and CEO Chris Hilger. “This acquisition gives us another platform to reach middle market consumers — a strategic growth priority—by leveraging the collective expertise Securian, Canadian Premier and CRI Canada have as insurance providers and distributors to banks and credit unions.”
"We are confident that Securian is the right company to oversee the business and provide reliable service to our customers,” adds ivari president and CEO Doug Brooks.
The sale will not affect any of ivari’s other products.