Industrial Alliance acquires three insurance and warranty companies
Industrial Alliance Insurance and Financial Services Inc. is acquiring, through its affiliated companies, the operations of Protection V.A.G. Inc. (VAG), Communications & Références Multi Assurance Direct inc. (MAD) and Produits récréatifs Accès Inc. (Accès), three privately owned related entities that are located in the province of Québec.
VAG, Accès and MAD collectively distribute creditor insurance and replacement warranty products through a network of new and used car dealers in Quebec.
Industrial Alliance said that this acquisition is in line with its strategy to become a full-service provider of after-sales products to car dealers.
The transaction, which is expected to have a neutral effect on earnings per share in 2011, is being financed from cash on hand and will have no impact on the solvency ratio.
