St. Louis-based RGAx, a subsidiary of Reinsurance Group of America, Inc., on Monday announced it has agreed to acquire LOGiQ3 Inc., a Toronto-based insurance-industry consulting and outsourcing firm.
The LOGiQ3 Group includes LOGiQ3 Corp., APEXA, Cookhouse Lab, and Tindall Associates Inc. APEXA manages a national platform for life insurance advisor contracting and compliance in Canada.
Additional terms of the transactions, including the sale prices, are not being disclosed.
“The team at LOGiQ3 Group are proven industry leaders and innovators with a mission, culture, customer focus, and values that closely align with those of RGAx,” says Dennis Barnes, CEO of RGAx, in a statement. “The combined business platforms of LOGiQ3 Group and RGAx will provide a powerful suite of technology and service offerings across the insurance industry value chain.”
“This acquisition is a strong indicator that LOGiQ3 Group’s innovative insurance services will continue to expand and add value to our existing and future customers,” says Chris Murumets, co-founder and CEO of LOGiQ3 Inc. in a statement.
LOGiQ3 Group, with approximately 100 employees in the U.S., Canada, and the U.K., will maintain a separate operation and retain employees in their current roles. The transactions are expected to close during the first quarter of 2018.
Additional terms of the transactions, including the sale prices, are not being disclosed.