Industrial Alliance Insurance and Financial Services Inc. today announced a public offering of $125 million of non-cumulative class A preferred shares, series B.

Industrial Alliance will issue 5 million series B preferred shares priced at $25 per share and holders will be entitled to receive fixed non-cumulative preferential quarterly dividends in the amount of 28.75¢ per share, to yield 4.6% per year.

The offering will be underwritten by a syndicate of investment dealers led by Scotia Capital Inc. The expected closing date for the offering is February 24.

The series B preferred shares will be issued under a prospectus supplement to Industrial Alliance’s base shelf prospectus dated February 19.