Industrial Alliance Signs an Agreement to Acquire MD Life's Life Insurance
Portfolio
MD Life is a life and health insurance company that offers life insurance and annuity products to Canadian physicians. It is 55% owned by MDPSI, which itself is a Canadian Medical Association company, and 45% by Industrial Alliance. The acquired life insurance portfolio contains over 8,600 policies and riders, which generated
Under the agreement, MD Life will continue to manufacture the Group Annuity policy MD Stable Income Fund ("MDSIF"). MDSIF will continue to be distributed by MD Insurance Agency Limited ("MDIA"), a subsidiary of MDPSI, and be managed by Industrial Alliance. The agreement also provides for MDIA to offer Canadian physicians the full line of Industrial Alliance insurance and annuity products, including life insurance, health insurance and segregated funds.
"This represents a new milestone in the partnership that we have built with the Canadian Medical Association for over forty years," said Yvon Charest, President and Chief Executive Officer of Industrial Alliance. "While this agreement allows us to continue to offer our life and health insurance and annuity products to Canadian physicians, it gives us the opportunity to recoup an entire business block of policies that we were already administering in our core life insurance line of business."
"I believe this deal strengthens our competitive position in our insurance offering and supports our strategy of being Canada's leading advisor to physicians," said
The transaction is subject to governance, regulatory and ministerial approvals.
About MD Physican Services Inc.
MD Physician Services Inc. is a Canadian Medical Association company comprised of seven subsidiary companies, specializing in wealth and practice management. MDPSI, with assets under administration of more than
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
For further information: For further information: Jacques Carrière, Vice-President, Investor Relations, Industrial Alliance, Office: (418) 684-5275, 1-800-463-6236, extension 5275, Cell: (418) 576-3624, [email protected]; www.inalco.com; Siobhaun Williams, Communications Manager, Brand, Experience Management & Communications, MD Physician Services, Office: (604) 678-9857, 1-800-663-7336, Cell: (778) 837-5087
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