Bank of Montreal has completed the acquisition of AIG Life Insurance Co. of Canada, the bank said Wednesday. The acquisition, which was announced January 13, is an all-cash transaction valued at approximately $329.5 million.

“This acquisition will strengthen BMO Life’s competitive position, giving us immediate scale and capabilities in the life insurance market and will allow us to meet our clients unmet insurance needs,” says Gilles Ouellette, president and CEO of BMO’s Private Client Group.

With the completion of the acquisition, BMO Life is strengthened with 300 new employees, 400,000 customers, Managing General Agents, and a network of more than 5,000 brokers across the country.

BMO Life says it intends to build on the already strong relationships with the Managing General Agents and is committed to providing outstanding support and service to brokers.

Effective April 1, AIG Life of Canada becomes BMO Life Assurance Co. and will adopt the BMO Insurance brand for all of its marketing, broker and customer communications. It will operate within BMO’s wealth management division, the Private Client Group.

BMO Capital Markets acted as exclusive financial advisor to BMO Financial Group on this transaction.

IE