QUEBEC CITY, Feb. 4, 2025 /CNW/ - iA Financial Corporation Inc. ("iA Financial Group") today announced the acquisition of Global Warranty, a group of companies that are important independent warranty providers and administrators in the used vehicle market in Canada.
Founded in 1987, Global Warranty does business with a network of over 1,500 automotive dealerships and more than 400 authorized repair centres across the country. Headquartered in London, Ontario, Global Warranty is a leading provider of vehicle warranties and other vehicle protection products.
Global Warranty protects customers with warranty packages that are insured and provides excellent client service. Global Warranty has been a Better Business Bureau (BBB) Accredited Business since March 1997 and enjoys a BBB Accredited Business Rating of A+.
"We couldn't be more pleased with the acquisition of Global Warranty. It is a well-run organization with a strong reputation and we are pleased to welcome this highly professional team into iA Financial Group," said Gwen Gareau, Senior Vice-President, iA Dealer Services and iA Auto Finance. "This will increase our presence in the used vehicle warranty market, with long-standing operations in London, where our subsidiary Lubrico Warranty is also based."
"The acquisition of Global Warranty fits perfectly with iA Dealer Services' growth strategy," said Pierre Miron, Executive Vice-President, Chief Growth Officer Canadian Operations, at iA Financial Group. "We have been in the vehicle warranty business for over 60 years and we believe strongly that the used car market is an important segment for growth. Future growth and synergies with Global Warranty look very promising."
"We chose to sell our business to iA Financial Group because of their long history in the warranty business," stated Roy Neufert, Chief Executive Officer and President at Global Warranty. "iA Financial Group has been doing this for over 60 years across North America and has relationships with over 10,000 new and used car dealerships. We believe their expertise, experience, and vision for the future will serve all Global employees and iA Financial Group well. We wish everyone well in their future endeavours."
Effective immediately, this acquisition will be slightly accretive from the first year, both on a core and reported basis. The impact on iA Financial Group's solvency ratio is a one percentage point decrease.
About iA Financial Group
iA Financial Group is one of the largest insurance and wealth management groups in Canada, with operations in the United States. Founded in 1892, it is an important Canadian public company and is listed on the Toronto Stock Exchange under the ticker symbol IAG (common shares).
iA Financial Group is a business name and trademark of iA Financial Corporation Inc. and Industrial Alliance Insurance and Financial Services Inc.
SOURCE Industrial Alliance Insurance and Financial Services Inc.
Information: Investor Relations, Caroline Drouin, Office Phone: 418-684-5000, ext. 103281, Email: [email protected]; Public Affairs, Chantal Corbeil, Office Phone: 514-247-0465, Email: [email protected]
Share this article