Securian completes purchase of Canadian insurance, distribution companies
ST. PAUL, Minn.--(BUSINESS WIRE)--Securian Financial Group’s expansion beyond the United States is now official. The 136-year-old financial services company has closed its purchase of a group of companies that are leading providers and distributors of insurance products to Canadian banks, credit unions and retailers.
The businesses acquired by Securian from Canadian insurer ivari include insurance manufacturers Canadian Premier Life Insurance Company and Legacy General Insurance Company, distributor CRI Canada, and Selient, which provides customized loan and insurance point-of-sale technologies to Canadian credit unions. The companies remain in Canada as independently operated and managed affiliates of Securian. Nicole Benson, who has led the businesses since 2005, is chief executive officer.
Through the transaction, Securian adds to its portfolio:
- More than 2 million Canadian customers
- $284.6 million in direct premium (2015 CAD)—increasing Securian’s direct premium from financial institutions by 43 percent
- Offices in Toronto, Vancouver (Burnaby), Edmonton and Winnipeg
- Approximately 150 employees
“This acquisition leverages Securian’s deep expertise in the financial institution space and furthers our leadership position in the North American market,” said Chris Hilger, Securian’s president and chief executive officer. “We are also expanding our platform to reach middle market consumers, a strategic growth priority.”
Securian has offered loan-protection products through financial institutions in the United States since 1951. In the past 15 years, Securian has made over a dozen growth acquisitions in the financial institution market, including Cherokee National Life Insurance Company, Balboa Life Insurance Company, American Modern Life Insurance Company, and Allied Solutions—one of the largest distributors of products and services to credit unions. Today, Securian is among the leaders in the U.S. financial institution insurance market, offering a wide variety of proprietary and non-proprietary products and services to nearly 4,100 financial institutions.
About Securian Financial Group
Since 1880, Securian Financial Group and its affiliates have provided financial security for individuals and businesses in the form of insurance, investments and retirement plans. Now one of the nation’s largest financial services providers, Securian is the holding company parent of a group of companies that offer a broad range of financial services.
With a national network of thousands of independent advisors, ivari provides a full range of insurance products designed to help Canadians and their families make the right choice for their protection needs. The people, products and service that make up ivari have stood the test of time and have been around for over 80 years in the Canadian marketplace. We are starting a fresh, new conversation about insurance.
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