QUEBEC CITY, Nov. 13, 2015 /CNW Telbec/ - iA Financial Group (Industrial Alliance Insurance and Financial Services Inc.) announced today the signing of an agreement to acquire the operations of BBA Financial Group, a Quebec‑based brokerage firm with around 200 representatives which specializes in the distribution of life and health insurance products.
This transaction reflects iA Financial Group's strategic focus on adding new distribution in its retail insurance and wealth management operations.
Under the agreement, following the conclusion of the transaction, BBA will become a division of National Financial Insurance Agency Inc. (NFIA), a wholly-owned subsidiary of Investia Financial Services Inc., which is itself a wholly-owned subsidiary of iA Financial Group.
"For more than 60 years, we have been committed to finding the best products for our clients," stresses Lise Bouchard, President of BBA. "We have a long-standing partnership with iA Financial Group and are convinced that our representatives and clients will benefit from the expertise of NFIA, in a spirit of continuity and quality service."
"We are pleased to welcome the employees and advisors of BBA to our team," states Louis DeConinck, President of Investia. "Through this strategic acquisition, National Financial Insurance Agency continues to grow and definitely ranks among the major players in the Canadian industry. We also want BBA's clients to know that we will do everything we can to serve them to their satisfaction and that they can count on the professionalism and expertise of our entire organization."
The anticipated closing date is December 1, 2015, pending approval of the boards of directors, regulatory approval and other closing conditions. The financial terms and conditions of this transaction are not released at this time.
About National Financial Insurance Agency Inc. (NFIA)
National Financial Insurance Agency Inc. (NFIA) was founded in 1984 as an insurance general agency to help its advisors provide insurance solutions as part of a comprehensive financial plan. Today, NFIA serves more than 700 independent financial advisors across Canada. Contracted with many of Canada's premier life insurance companies, NFIA offers its advisors access to a comprehensive suite of financial products and services enabling them to provide their clients with a vast selection of the very best products on the market.
About Investia Financial Services Inc.
A wholly-owned subsidiary of iA Financial Group, Investia Financial Services Inc. has been in operation since 1999 and is a member of the Mutual Fund Dealers Association of Canada. With more than 1,800 representatives, Investia has a vast Canada-wide network and offers a wide range of mutual investment fund products adapted to the needs of Canadian investors. Investia's head office is in Quebec City. It also has offices in British Columbia, Alberta, Ontario and Nova Scotia.
About iA Financial Group
Founded in 1892, iA Financial Group offers life and health insurance products, savings and retirement plans, RRSPs, mutual and segregated funds, securities, auto and home insurance, mortgages and car loans, and other products and services for both individuals and groups. It is among the four largest life and health insurance companies and one of the largest publicly traded companies in Canada. iA Financial Group stock is listed on the Toronto Stock Exchange under the ticker symbol IAG.
iA Financial Group is a business name and trademark of Industrial Alliance Insurance and Financial Services Inc.
SOURCE Industrial Alliance Insurance and Financial Services Inc.
For further information: Pierre Picard, Manager, Public Relations, Phone: 418-684-5000, ext. 1660, Email: [email protected], Website: www.ia.ca