Industrial-Alliance Completes its Acquisition of Mecagroup
Industrial-Alliance Life Insurance Company completed today the acquisition of Mecagroup Inc., through its subsidiary Industrial-Alliance Pacific Life Insurance Company. As part of the transaction, Industrial-Alliance issued a total of 10,229 Common Shares in consideration of $250,000, representing $24.44 per share. Mecagroup is one of the main providers of credit insurance to automotive dealers in Quebec. The purchase was announced on May 15, 2000.
With more than a century of experience, Industrial-Alliance is a life and health insurance company that offers a wide range of insurance products and financial services. It has operations throughout Canada, either directly or through its subsidiaries, Industrial Alliance Pacific (Vancouver) and National Life of Canada (Toronto). Industrial-Alliance also owns a general insurance company, Industrial-Alliance Auto and Home Insurance. With over $13.5 billion in assets and funds under management, Industrial-Alliance is the seventh largest life and health insurance company in Canada.
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