Walker Sorensen LLP represented PPI Management Inc. and majority shareholders in connection with acquisition by iA Financial Group
On February 26, 2018, Industrial Alliance Insurance and Financial Services Inc. (“Industrial Alliance” or “iA Financial Group”) (TSX: IAG) and PPI Management Inc. (PPI), a leading Canadian insurance marketing firm, announced that they have reached an agreement for iA Financial Group to acquire PPI. The transaction was effective immediately.
PPI is a leading insurance marketing and distribution organization supporting independent advisors in Canada. Established in 1978, PPI offers actuarial, tax and specialized expertise in all aspects of life insurance, and specifically in its design and custom application. PPI operates 15 marketing and resource offices across Canada, helping advisors place business through all major insurance companies across Canada, and has a national distribution network of over 3,000 advisors.
“With the acquisition of PPI, iA Financial Group becomes the leader in insurance brokerage distribution in Canada,” commented Denis Ricard, Chief Operating Officer of iA Financial Group. “Combined with the Hollis Wealth network acquired last year, iA Financial Group is now positioned at the top of independent distribution for financial services in Canada, providing advisors with best-of-class services for both insurance and wealth management all under one roof. In addition, the PPI Advisory division that focuses on ultra high-net-worth clients brings a significant enhancement to iA Financial Group wealth advisors.”
“On behalf of iA Financial Group, we extend a warm welcome to PPI advisors and staff,” added Mr. Ricard. “We will continue to work together to develop innovative and customized insurance products and concepts, and we remain fully committed to preserving the independence of PPI as a marketing organization representing and promoting the products of all major Canadian insurers. This acquisition is yet another demonstration of our organization’s firm belief in the value of distribution through advisors.”
Further information can be found on Industrial Alliance’s website.
