Industrial Alliance Insurance and Financial Services (iA) has signed an agreement to purchase yet another distributor, this time it is the auto insurance agency Groupe PPP Ltée.
Over the last couple of years, iA has been steadily adding to its distribution network.
Earlier this week, the insurer announced that it is buying Groupe PPP, which provides creditor insurance, replacement insurance, extended warranties, and similar protection products to automobile dealers. The company is based in Quebec City and and has been active for more than 35 years. It has about 150 employees.
"This acquisition represents another step in the expansion of our distribution network. Groupe PPP's activities will be integrated with the activities of iA Financial Group's Dealer Services division, which are already well established across Canada," says Luc Samson, Vice-President of Sales and Administration at iA’s Dealer Services Division.
The purchase price was not disclosed, and iA says that the transaction will not have a material effect on its capital and net income.
