Important Transaction in the Group Creditor Insurance Market for Automotive Dealers
The Industrial-Alliance Group Acquires The Quebec Insurance Operations of Mecagroup
The North West Life Assurance Company of Canada, a member of the Industrial-Alliance Group, has announced that it has acquired the Quebec insurance operations of Mecagroup Inc., one of the main providers of credit insurance to automotive dealers in Quebec.
“This agreement reflects the strategy of the Industrial-Alliance Group to become the leading credit insurance supplier to automotive and recreational vehicle dealers across Canada,” stated Yvon Charest, C.E.O. of North West Life and the President and newly appointed C.E.O. of Industrial-Alliance.
The Industrial-Alliance Group holds an enviable position in the Canadian automotive market, due mainly to North West Life’s SAL division, which holds distribution agreements with close to one third of Canada’s automotive dealers. “With more than 25% of the automotive franchises in Canada, Quebec constitutes a key market for North West Life. This acquisition furthers the Group’s commitment to offering high-quality service to dealers, with professional, trained sales representatives,” added Mr. Charest.
Mecagroup’s President is pleased with this alliance. “Mecagroup’s continued growth and success has been due to our focus on service and quality,” said Gilles Vinet, President of Mecagroup. “We are now part of a national insurance group with a strong presence in the group creditor market. We are excited about this development and look forward to continuing to provide leading programs to Quebec dealers.”
After the home and automobile insurance markets, the Industrial-Alliance Group is now expanding into the group creditor market through automotive and recreational vehicles dealers, where it distributes life and disability insurance. This agreement, which is subject to the approval of the provincial and federal regulatory authorities, is part of a larger strategy to make the Industrial-Alliance Group a nation-wide insurance organization in promising sectors.
North West Life is a member of the Industrial-Alliance Group of companies, Canada’s 7th largest life and health insurance organization, with assets under management in excess of $13 billion. The Industrial-Alliance Group operates throughout Canada under three companies – Industrial-Alliance, National Life of Canada and North West Life of Canada. The Group offers a wide range of life and health insurance products, savings and retirement plans, RRSPs, investment funds, auto and home insurance, mortgage loans and other financial products.
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Source and information:
Senior Director, Public Affairs
The Industrial-Alliance Group
Tel.: (418) 684-5275
Cell.: (418) 576-3624
Tel.: (450) 465-0630