Desjardins Financial Security has signed an agreement with Colina Insurance from the Bahamas for the sale of the operations of its Imperial Life Financial Bahamas division. The terms of the sale were not disclosed.

Imperial Life Financial has been operating in the Bahamas for over 104 years where it has offered life and health insurance and retirement savings to individuals, groups and businesses. Imperial Life Financial Bahamas division represented less than 3% of Desjardins Financial Security assets under management.

“For several years now, Desjardins Financial Security has been focusing on developing its business in Canada and this transaction is in line with this strategy,” said Monique Leroux, CEO of Desjardins Financial Security.

The proceeds from the sale of the Bahamas operations will contribute to DFS’s focus on developing its business in Canada.

The transaction is subject to approval by Bahamian regulatory authorities and other conditions.

Colina is the largest insurer in the Bahamas providing individual and group life.