Pursuing its Development Strategy in the Auto and Home Insurance Market
Industrial Alliance Becomes Sole Owner of Unindal
Industrial-Alliance Life Insurance Company announced that it is becoming sole owner of Unindal Inc. in accordance with the agreement in principle entered into on October 17 with Les Mutuelles du Mans de France. This agreement means that Industrial Alliance, which already owns 50% of Unindal, acquires the 50% share owned by Mutuelles du Mans.
Unindal, a portfolio company, owns Industrial Alliance Auto and Home Insurance. This latter company offers its products through the direct distribution method, in partnership with the representatives of Industrial Alliance who are encouraged to submit referrals.
This acquisition is a logical continuation of the ambitious development plan unveiled last February by the President of Industrial Alliance Auto and Home Insurance, John Harbour. This plan provides for the implementation of a structure capable of managing some $100 million in premiums, more than three times the current level.
The seventh largest life and health insurance company in Canada, Industrial Alliance offers a wide range of insurance products and financial services. The Company has operations throughout Canada, either directly or through its subsidiaries, including IA Pacific Life (Vancouver) and National Life of Canada (Toronto). Industrial Alliance has over $13 billion in assets and funds under management and its share is listed on the Toronto Stock Exchange under the ticker symbol IAG. Its share is included in the TSE 300, TSE 200, and S&P/TSE Canadian MidCap market indexes.
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