Excellence Life Insurance offers life insurance, loan insurance, accident and health insurance, and disability insurance across Canada
iA Financial Group, said that two of its companies – Excellence Life Insurance (Excellence) and Industrial Alliance Insurance and Financial Services (iA Insurance) will be merged for operational efficiency.
Financial terms of the merger were not disclosed by the Canadian insurance and wealth management group.
Founded in 1963, Excellence was acquired by iA Insurance in 2008, and subsequently, it expanded its operations to Canada’s Atlantic province. The company provides life insurance, loan insurance, accident and health insurance, and disability insurance.
Through Excellence acquisition, iA Financial entered into individual disability and health insurance areas
According to iA Financial Group, the acquisition of Excellence enabled it to foray into the individual disability and health insurance market.
Excellence, at the time of its acquisition by iA Financial Group, operated exclusively in Quebec with a gross premium income of C$90m (£55.09m). Currently, the company has operations across Canada with a gross premium income of C$135m (£82.64m).
According to iA Financial, for the nearly 175,000 Excellence clients, the merger will be executed with full transparency with no action required to be taken on their part.
The Canadian group said that the merger will ensure the synergy of the two companies’ operations, while enhancing operational efficiency. The merger will have negligible to no direct impact on jobs in the merged insurance company.’
iA Financial Group individual insurance, savings and retirement executive vice-president Renée Laflamme said: “We are bringing the operations of Excellence and iA Insurance together under the iA Financial Group brand.
“The integration of the companies’ operations will provide gains in operational efficiency and facilitate continuous improvement in favour of a simpler client experience and a more fluid advisor experience by proposing single way of doing business with iA Financial Group.”
Subject to approval from the Quebec Minister of Finance based on a positive recommendation from the Autorité des marchés financiers, the merger will be closed on 1 January 2020.
iA Insurance is a life and health insurance firm that provides a variety of life and health insurance products, savings and retirement plans, auto and home insurance, and mortgage loans among other financial products and services.