The COVID-19 pandemic has not stopped the consolidation trend underway in the insurance industry. Insurance Portal is highlighting ten transactions that captured attention over the last twelve months.
Groupe Cloutier purchased Multi Courtage
By acquiring the insurance business of Groupe Financier Multi Courtage and a holding in its mutual fund firm Multi Courtage Capital, Groupe Cloutier tookover one of the last few independent MGAs in Quebec still owned by its founder or family members.
Intact, Tryg A/S complete acquisition of RSA Insurance
Intact Financial Corporation announced June 1 that, together with Tryg A/S, it completed the acquisition of RSA Insurance Group plc. Under the agreement, Intact retained RSA’s Canadian, United Kingdom and international businesses, Tryg retained RSA’s Swedish and Norwegian businesses, and the two businesses co-own RSA’s Danish business.
To learn more:
- Intact, Tryg A/S complete acquisition of RSA Insurance
- Intact expects RSA acquisition to impede performance
- Charles Brindamour prepares for post-RSA era
Canassurance acquires SecuriGlobe
Canassurance Financial Corporation, a subsidiary of the Canassurance Hospital Service Association, acquired SecuriGlobe, a travel insurance financial services firm. In an announcement shared with Insurance Portal July 7, the company said the deal “consolidates the Canassurance Hospital Service Association’s leadership role in the travel insurance industry while strengthening its economic and commercial footprint in the sector.”
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Great-West Lifeco subsidiary acquired an insurer in Ireland
Great-West Lifeco announced July 13 that its subsidiary, Irish Life Group Limited, had reached an agreement to acquire Ark Life Assurance Company dac from Phoenix Group Holdings plc for a total cash consideration of €230 million (C$340 million).
To learn more:
Canada Life completed ClaimSecure acquisition
Canada Life announced Sept. 1 that it had completed the acquisition of healthcare management firm, ClaimSecure Inc. The completion of this acquisition increased the number of plan members served by Canada Life by 1.25-million individuals, including plan members and their dependents.
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Sun Life acquired a U.S. dental benefits firm
Sun Life Financial announced Oct. 3 that it had entered into a definitive agreement to acquire DentaQuest, the largest provider of Medicaid dental benefits in the United States, for US$2.475-billion or approximately C$3.1-billion.
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AGA bought PPI Benefits
With the support of the Novacap Financial Services fund, AGA Group Insurance furthered its expansion outside Quebec. On Oct. 5, the Montreal-based firm announced the purchase of PPI Benefits and its subsidiaries Agile Benefits and BenefitsMyWay.
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IDC Worldsource acquired AFL Financial Group
Consolidator IDC Worldsource Inc. acquired the individual life and health insurance and segregated fund assets of AFL Financial Group, a Quebec City-based MGA. IDC WIN is a Canada-wide MGA and a subsidiary of Guardian Capital Group Limited. Guardian announced the transaction on Oct. 4.
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Hub made multiple acquisitions
During the year, Hub International bought several firms, including Calgary, Alberta-based Global Credit Risk Management Inc., a provider of political risk insurance. The company also bought the assets of an Aviva subsidiary.
To learn more:
- Hub International acquires political risk insurance broker
- Hub International acquires assets of Aviva subsidiary
- Hub expands in Nova Scotia with second acquisition in a week
- Montreal firm acquired by Hub International
- Hub acquires benefits firm
Navacord also acquired a number of firms
Commercial insurance brokerage, Navacord Corp, announced a number of acquisitions during the year across Canada, includingfour brokerages during the month of June alone.
To learn more:
Navacord acquires Ontario benefits firm
Navacord acquires B.C. brokerage
Navacord acquires four brokers in June
