Intact Financial’s sale of AXA Life Insurance to SSQ Life Insurance Company complete
The $300 million sale of AXA Life Insurance by Intact Financial Corporation (IFC) to SSQ Life Insurance Company Inc. is complete. The new entity will be called SSQ Insurance Company Inc.
AXA Life Insurance Inc. was acquired last year by IFC as part of the $2.6 billion acquisition of AXA Canada. AXA Life Insurance Inc. has approximately 250 employees and offers health and life insurance products through a vast network of agents. IFC intends to allocate most of the proceeds to repay the term loan facility used to partially finance the acquisition of AXA Canada. In September 2010, SSQ Financial Group announced the acquisition of AXA Life Insurance from Intact Insurance for $300 million
The newly-minted SSQ Insurance Company Inc. will continue to offer a full range of individual insurance products and specialized group insurance products from its offices in Montreal, Toronto, Calgary, Vancouver and Dartmouth. It will also maintain its distribution agreements with its two subsidiaries, SFAA and SécuriGroupe.
“This transaction reflects our strategic priorities to accelerate our growth and diversify our activities through acquisitions. We are proud of this acquisition which fulfills our objectives. The range of services offered by SSQ Insurance Company Inc. (AXA Life Insurance Inc.) fits in perfectly with our existing product offer and will strengthen our position as a major player in Canadian insurance and financial products” said Mr. René Hamel, Chief Executive Officer of SSQ Financial Group.
This acquisition will allow SSQ Financial Group to strengthen its position on the individual insurance market, increase its presence throughout Canada, enlarge its distribution network for its range of segregated fund products (ASTRA Funds) and welcome a new portfolio of group insurance products that complement its own.
Mr. Bernard Tanguay has been appointed to the position of Senior Vice-President of SSQ Insurance Company Inc.
Tanguay holds a bachelor’s degree in actuarial sciences from Université Laval and is a Fellow of the Canadian Institute of Actuaries and the Society of Actuaries. He joined the ranks of SSQ Financial Group over fifteen years ago and has held various management functions during his time with the company. Before being hired by SSQ Financial Group, he worked for another important financial group for over ten years.
In addition to his new functions, Mr. Tanguay will continue to supervise all the activities of SSQ Financial Group’s Investment and Retirement sector, which has achieved exceptional growth year after year thanks to an approach based on outstanding service and quality products.
