ST. PAUL, Minn.--(BUSINESS WIRE)--Canadian Premier Life Insurance Company, a Canadian subsidiary of Securian Financial Group, Inc., announced today that it has signed a definitive agreement to purchase the Canadian block of business from Gerber Life Insurance Company, a subsidiary of Western & Southern Financial Group Inc.
Gerber Life’s Canadian block of business consists primarily of Grow-Up® whole life insurance policies for juveniles. Western & Southern will retain its Gerber Life business in the U.S.
The transaction is subject to regulatory approval in Canada, at which point Canadian Premier will fully assume the Canadian Gerber Life policies. The Gerber Life brand will no longer be marketed in Canada.
Securian Financial acquired Canadian Premier in 2017—its first international expansion. Headquartered in Toronto, Canadian Premier offers group life, accident & sickness, credit and creditor insurance solutions to leading financial institutions, retailers and affinity groups throughout Canada.
“Canadian Premier has grown significantly since we acquired the company and this new book of business will accelerate that momentum,” said Chris Hilger, Securian Financial’s chairman, president and CEO. “We see a bright future in Canada and will continue evaluating opportunities to grow our business in the country.”
“This is an exciting acquisition for Canadian Premier as we focus on growing in the Canadian marketplace,” said Suzette Huovinen, Canadian Premier’s CEO. “We look forward to welcoming a new generation of customers to our company and providing them excellent products and service.”
The transaction is expected to close early in the second quarter of this year.
About Securian Financial
At Securian Financial, we’re here for family. And we’re here because of it. We’re guided by our purpose: helping customers build secure tomorrows. Since 1880, we’ve been building a uniquely diversified company that has outlasted economic ups and downs while staying true to our customers. We’re committed to the markets we serve, providing insurance, investment and retirement solutions that give families the confidence to focus on what’s truly valuable: banking memories with those who matter most.