Quebec City-based Industrial Alliance Insurance and Financial Services Inc. (iA Financial Group) announced on Friday that it is expanding its independent insurance distribution force with the acquisition of Quebec City-based insurance brokerage BBA Financial Group.
Under the agreement, BBA, which Benoît Bouchard founded more than 60 years ago, will become a division of iA Financial Group’s managing general agency, National Financial Insurance Agency Inc. (NFIA). NFIA is a wholly owned subsidiary of iA’s mutual fund dealership, Investia Financial Services Inc.
The transaction reflects iA Financial Group’s strategic focus on expanding its distribution capabilities in its retail insurance and wealth-management operations.
The deal is expected to close Dec. 1, pending approval of the boards of directors, regulatory approval and other closing conditions. It will add approximately 200 representatives to NFIA’s distribution network, which currently includes more than 700 independent insurance advisors across Canada.
“We are pleased to welcome the employees and advisors of BBA to our team,” said Louis DeConinck, president of Investia, in a statement. “Through this strategic acquisition, National Financial Insurance Agency continues to grow and definitely ranks among the major players in the Canadian industry.”
“For more than 60 years, we have been committed to finding the best products for our clients,” said Lise Bouchard, president of BBA and daughter of the founder, in the statement. “We have a long-standing partnership with iA Financial Group and are convinced that our representatives and clients will benefit from the expertise of NFIA, in a spirit of continuity and quality service.”
The financial terms and conditions of the transaction have not been disclosed.