Industrial Alliance to acquire Ten Star’s life insurance businessBy Donna Glasgow | November 07 2014 10:45AM
Industrial Alliance intends to acquire part of Ten Star Holdings Inc.’s business. Pierre Picard, manager, public relations for Industrial Alliance, told The Insurance and Investment Journal that the company reached an agreement with Ten Star Financial Services’s holding company on Sept. 10 to buy all of its life insurance business and part of its mutual fund and investment assets.
This deal is subject to regulatory approval from the Ontario Securities Commission and Quebec’s financial markets regulator, the Autorité des marchés financiers (AMF). These approvals are expected to be received within the next week or two, Picard adds.
Ten Star Holdings contains four companies, including mutual fund dealer Ten Star Financial. Investia Financial Services, an Industrial Alliance subsidiary, “has the intention of buying certain assets of this company, not 100% but certain assets of Ten Star Financial,” underlined Picard. Investia is a mutual fund dealer.
Secondly, Investia has a subsidiary called National Financial Insurance Agency (NFIA), which has the intention of acquiring 100% of Ten Star Life Insurance Brokers, he adds. NFIA is a managing general agency.
Picard added that Industrial Alliance is not buying Ten Star Holdings’ property and casualty insurance business (Ten Star Insurance Brokers) or its employee benefits company (Ten Star Group Insurance Specialists). Picard said he does not know whether these other companies are for sale. Ten Star president, David Baird, did not respond to interview requests by press time.
Headquartered in Waterdown, Ontario, Ten Star has been in business for close to 40 years and has offices across the country.