Securian Financial Group subsidiary Canadian Premier Life has signed a definitive agreement to purchase Gerber Life Insurance’ Canadian block of business.
The financial details of the transaction have not been disclosed.
Gerber Life is a subsidiary of Western & Southern Financial Group, which will retain Gerber Life’s insurance arm in the US.
Portfolio of Gerber Life’s Canadian business comprises Grow-Up plan, a whole life insurance policy for children.
Upon the completion of the transaction, Canadian Gerber Life will be completely merged into Canadian Premier.
Gerber Life will operate under the brand name of Canadian Premier.
Securian Financial chairman, president and CEO Chris Hilger said: “Canadian Premier has grown significantly since we acquired the company and this new book of business will accelerate that momentum.
“We see a bright future in Canada and will continue evaluating opportunities to grow our business in the country.”
Canadian Premier was acquired by Securian Financial in 2017.
The Toronto-based firm offers a suite of insurance solutions such as group life, accident & sickness, credit and creditor insurance to leading financial institutions, retailers and affinity groups.
Canadian Premier CEO Suzette Huovinen said: “This is an exciting acquisition for Canadian Premier as we focus on growing in the Canadian marketplace.
“We look forward to welcoming a new generation of customers to our company and providing those excellent products and service.”
Subject to receipt of regulatory approvals, the transaction is expected to be completed by second quarter of this year.