Securian Goes International with Obtain of Canadian Insurance coverage, Distribution Providers

ST. PAUL, Minn.--(Enterprise WIRE)--For the initial time in its history, Securian Financial Group is expanding beyond the United states of america. The 136-year-old financial services business has signed a definitive agreement with ivari to purchase its affiliate companies that are top providers and distributors of insurance goods to Canadian banks, credit unions and retailers.
The enterprises to be acquired by Securian incorporate insurance companies Canadian Premier Life Insurance Organization and Legacy Common Insurance coverage Organization, distributor CRI Canada, and Selient, which provides customized loan and insurance point-of-sale technologies to Canadian credit unions. The businesses will remain in Canada as independently operated and managed affiliates of Securian Economic Group. Nicole Benson, who has led the enterprises given that 2005, will likely be chief executive officer.

“We are excited to enter the Canadian insurance industry and diversify Securian internationally with all the addition of such a strong group of corporations,” mentioned Chris Hilger, Securian’s president and chief executive officer. “This acquisition offers us one more platform to reach middle industry consumers-a strategic development priority-by leveraging the collective knowledge Securian, Canadian Premier and CRI Canada have as insurance providers and distributors to banks and credit unions.”

By means of the transaction, Securian is acquiring organizations with:

2 million Canadian shoppers
$284.six million in direct premium (2015 CAD)-increasing Securian’s direct premium from economic institutions by 43 percent
Offices in Toronto, Vancouver (Burnaby), Edmonton and Winnipeg
143 workers
Securian has provided loan-protection products via economic institutions within the United states considering the fact that 1951. In the past 15 years, Securian has made over a dozen growth acquisitions inside the monetary institution marketplace, which includes Cherokee National Life Insurance coverage Enterprise, Balboa Life Insurance Enterprise, American Contemporary Life Insurance coverage Company, and Allied Solutions-one with the biggest distributors of solutions and solutions to credit unions. Right now, Securian is among the leaders in the U.S. financial institution insurance market, offering a wide variety of proprietary and non-proprietary merchandise and services to nearly 4,000 financial institutions.

“This is definitely an fascinating development chance not only for Canadian Premier Life and CRI Canada, but additionally for banks, credit unions and retailers throughout Canada,” mentioned Benson. “We are retaining our vision and operational independence, but will probably be capable to make use of Securian’s knowledge in distributing both proprietary and non-proprietary products-giving our financial institution and retail clientele a lot more alternatives to meet their customers’ wants.”

The transaction is anticipated to close inside the very first quarter of 2017. Keefe, Bruyette & Woods represented Securian within the transaction and Scotiabank represented ivari.

Since 1880, Securian Financial Group and its affiliates have provided financial security for individuals and businesses within the form of insurance, investments and retirement plans. Now among the list of nation’s largest monetary solutions providers, Securian is the holding company parent of a group of companies that offer a broad range of monetary services.

ABOUT ivari
Transamerica Life Canada’s name recently changed to ivari. With a national network of thousands of independent advisors, ivari offers a full range of insurance coverage items designed to help Canadians and their families make the right choice for their protection desires. The people, products and service that make up ivari have stood the test of time and have been around for over 80 years in the Canadian marketplace. We are starting a fresh, new conversation about insurance coverage.
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