Securian Financial Group said that its subsidiary Canadian Premier Life Insurance Company has signed a deal to acquire the Canadian block of business from Gerber Life Insurance Company for an undisclosed price.
Gerber Life Insurance Company is a subsidiary of Western & Southern Financial Group. Its Canadian block of business comprises mainly Grow-Up whole life insurance policies for juveniles.
Western & Southern Financial will retain its Gerber Life Insurance business in the US.
Canadian Premier will fully assume the Canadian Gerber Life policies at the time of closing the deal during Q2 2020, subject to regulatory approval in Canada.
Suzette Huovinen – CEO of Canadian Premier Life Insurance said: “This is an exciting acquisition for Canadian Premier as we focus on growing in the Canadian marketplace.
“We look forward to welcoming a new generation of customers to our company and providing them excellent products and service.”
Securian Financial said that the Gerber Life brand will not be marketed in Canada anymore.
The US-based financial services company acquired Canadian Premier Life Insurance in 2017, as part of its maiden international expansion.
Based in Toronto, Canadian Premier Life Insurance serves financial institutions, retailers and affinity groups across Canada with group life, credit and creditor insurance solutions, and accident and sickness.
Chris Hilger – Securian Financial chairman, president and CEO said: “Canadian Premier has grown significantly since we acquired the company and this new book of business will accelerate that momentum.
“We see a bright future in Canada and will continue evaluating opportunities to grow our business in the country.”