Vancouver-based Subsidiary of Industrial Alliance Merges with Parent Company
Industrial Alliance Insurance and Financial Services Inc. ("Industrial Alliance") announces the merger of its subsidiary, Industrial Alliance Pacific Insurance and Financial Services Inc. ("Industrial Alliance Pacific"), with its own operations.
Headquartered in Vancouver, British Columbia, Industrial Alliance Pacific offers services in individual insurance, wealth management, creditor insurance and special market risks. After the combination, these operations will continue under the Industrial Alliance banner and will remain based in Vancouver.
The merger, which will be completed by June 30, 2012, will consolidate regulatory compliance with respect to enterprise risk management and other reporting requirements, as well as provide a more efficient structure for capital management. The merged operations will be regulated by the Autorité des marchés financiers. (www.lautorite.qc.ca)
This transaction is subject to the usual regulatory approvals.
About Industrial Alliance
Founded in 1892, Industrial Alliance Insurance and Financial Services Inc. is a life and health insurance company with operations in all regions of Canada as well as in the United States. The Company 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 for both individuals and groups. The fourth largest life and health insurance company in Canada, Industrial Alliance contributes to the financial security of over three million Canadians, employs more than 3,900 people and manages and administers more than $70 billion in assets. Industrial Alliance stock is listed on the Toronto Stock Exchange under the ticker symbol IAG.
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