Industrial Alliance Insurance and Financial Services (iA Financial Group) has agreed to acquire brokerage firm BBA Financial Group in Canada.

Terms of the deal have not been disclosed.

Based in Quebec, BBA Financial provides life and health insurance products for its customers.

Once the deal concludes, BBA will operate under Investia Financial Services (IFS) wholly-owned subsidiary National Financial Insurance Agency (NFIA). IFS is a wholly-owned subsidiary of iA Financial.

The deal is said to reflect iA Financial’s focus on adding new distribution in its retail insurance and wealth management operations.

BBA Financial Group president Lise Bouchard said: "For more than 60 years, we have been committed to finding the best products for our clients.

"We have a long-standing partnership with iA Financial Group and are convinced that our representatives and clients will benefit from the expertise of NFIA, in a spirit of continuity and quality service."

Investia president Louis DeConinck said: "Through this strategic acquisition, National Financial Insurance Agency continues to grow and definitely ranks among the major players in the Canadian industry."

Subject to regulatory approval and other closing conditions, the deal is expected to complete in December this year.

iA Financial Group provides life and health insurance products, savings and retirement plans, RRSPs, mutual and segregated funds, securities, auto and home insurance, mortgages and car loans, and other products and services for both individuals and groups.