Industrial Alliance Announces Acquisition
Builds on After-Sales Market with Car Dealers
Industrial Alliance Insurance and Financial Services Inc. ("Industrial Allliance") announced today the signing of an agreement to acquire through its affiliated companies the operations of Protection V.A.G. Inc. ("VAG"), Communications & Références Multi Assurance Direct inc. ("MAD") and Produits récréatifs Accès Inc. ("Accès"), three privately owned related entities that are located in the province of Québec.
VAG, Accès and MAD collectively distribute creditor insurance and replacement warranty products through a network of new and used car dealers in Quebec. This acquisition is in line with the Company’s strategy to become a full-service provider of after-sales products to car dealers.
The transaction, which is expected to have a neutral effect on earnings per share in 2011, is being financed from cash on hand and will have no impact on the solvency ratio.
About Industrial Alliance
Founded in 1892, Industrial Alliance Insurance and Financial Services Inc. is a life and health insurance company that offers a wide range of life and health insurance products, savings and retirement plans, RRSPs, mutual and segregated funds, securities, auto and home insurance, mortgage loans and other financial products and services. The fourth largest life and health insurance company in Canada, Industrial Alliance is at the head of a large financial group, which has operations in all regions of Canada, as well as in the United States. Industrial Alliance contributes to the financial wellbeing of over three million Canadians, employs more than 3,500 people and manages and administers some $60 billion in assets. Industrial Alliance stock is listed on the Toronto Stock Exchange under the ticker symbol IAG. Industrial Alliance is among the 100 largest public companies in Canada.
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