Builds on After-Sales Market with Car Dealers
QUEBEC CITY, Feb. 14 /CNW Telbec/ - 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
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
SOURCE INDUSTRIAL ALLIANCE INSURANCE AND FINANCIAL SERVICES INC.
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