iA buys BMO's group retirement subsidiarypar Andrew Rickard | July 14 2016 11:28AM
Industrial Alliance Insurance and Financial Services (iA) has completed yet another acquisition. This time the insurer has purchased BMO Group Retirement Services, which provides record keeping and administrative services to group retirement plans.
The purchase of BMO's group retirement subsidiary is the eighth acquisition that iA has made since the beginning of 2015. The transaction was announced on July 12, although the amount paid and other details were not disclosed because the deal will not have a significant effect on the insurer's capital and net income.
Expertise and agility
"The expertise and agility we have acquired in integrating new groups over the last few years, combined with the close collaboration of BMO, has enabled us to offer these new clients an exceptionally smooth transition," comments Nancy Dion, senior director, administration at iA's group savings and retirement division. "We are very pleased to welcome them and want them to know they can count on high-quality, professional service from everyone on our teams."
iA says that group retirement plan transfers began on March 22 and are being carried out over a 120-day transition period, after which BMO Group Retirement Services’ operations will be wound up.