Source: The Canadian Press

Industrial Alliance Insurance and Financial Services Inc. (TSX:IAG) says it will acquire three privately owned Quebec creditor insurance and car warranty companies for an undisclosed amount.

The companies include Protection V.A.G., Communications & References Multi Assurance Direct Inc., and Produits recreatifs Acces Inc.

The three companies distribute creditor insurance and replacement warranty products through new and used car dealerships in Quebec.

Industrial Alliance said the acquisition is part of the company’s goal to become a provider of after-sales products to car dealers.

The insurer said the transaction will have a neutral effect on earnings per share in 2011. It is being financed through cash on hand.