iA Monetary completes swoop

iA Monetary Group has finalized its acquisition of two blocks of enterprise from Prosperity Life Group.

The acquired insurance coverage blocks consist of ultimate expense and time period life merchandise, which had been issued by S.USA Life Insurance coverage Firm, a subsidiary of Prosperity. The swoop spans over 115,000 insurance policies and greater than $100 million in annual premiums. S.USA, a life insurance coverage agency primarily based in Arizona, is licensed to supply life, annuity, and medical insurance throughout 47 states and the District of Columbia.

As well as, iA Monetary’s merchandise will now be accessible by Prosperity’s distribution community, which incorporates roughly 15,000 gross sales brokers contracted by way of unbiased advertising organizations (IMOs).

Notably, round two-thirds of those brokers and IMOs already maintain contracts with American-Amicable Life Insurance coverage Firm, an iA Monetary subsidiary, to market iA Monetary merchandise.

“We’re happy to combine new brokers and IMOs and are dedicated to offering them with the assets and help they should thrive inside our community and proceed to supply excellent service to their shoppers.”

The completion of the deal was additionally highlighted by iA Monetary president and chief government Denis Ricard in a separate assertion.

“Together with robust natural progress, we not too long ago completed acquisitions in two high-growth sectors: our US insurance coverage operations and our wealth administration distribution enterprise in Canada, reflecting our disciplined execution of our technique,” the CEO mentioned, who was additionally referring to the swoop for belongings of the retail full-service funding dealer division of Laurentian Financial institution Securities by way of iA Monetary subsidiary iA Non-public Wealth.

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