Industrial Alliance Insurance and Financial Services have concluded agreements to acquire all the shares of the holding companies controlling L'Excellence Life Insurance as well as the brokerage companies with which L'Excellence is associated: Michel Rheaume & Associes and Beaulne & Rheaume Assurance Ltee.
This transaction gives Industrial Alliance an entryway for its development in the individual disability and health insurance sector. The acquisition of L’Excellence and the brokerage companies associated with it represents an investment for Industrial Alliance that could reach $67.3 million, if certain conditions are respected and if existing debts are taken into account.
Antoine Ponce, president and general manager of L’Excellence, said: We’re pleased to be associated with a large-scale partner like Industrial Alliance that has the financial resources to allow us to accelerate our growth in Quebec, and also outside of Quebec. This association lets us expand the range of products that we make available to our brokers, who could also have access to different Industrial Alliance wealth management products.