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iA Financial Corporation Strengthens Individual Insurance Presence in the United States with the Acquisition of Vericity
iA Financial Corporation Strengthens Individual Insurance Presence in the United States with the ...
About this update from Ia Financial Corporation Inc.
[{"type":"text","content":"\n \n \n \n iA Financial Corporation Strengthens Individual Insurance Presence in the United States with the Acquisition of Vericity\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n Adding an insurance carrier and a digital agency servicing the mid-market life insurance space through the acquisition of Vericity, Inc.\n \n \n Growing our sales in the U.S. life insurance market and diversifying distribution\n \n \n Strategic value from Vericity's knowledge and skill in the digital marketing of life insurance\n \n \n Expect synergies with iA's expertise and current U.S. individual insurance operations\n \n \n Purchase price of\n \n US$170 million\n \n ; acquisition expected to become accretive during the second year\n \n \n \n \n \n QUEBEC CITY\n \n \n ,\n \n \n Oct. 3, 2023\n \n \n /CNW/ - iA Financial Corporation Inc. (\"iA\" or the \"Company\"), the holding company of iA Financial Group (TSX: IAG), announces it has entered into a definitive merger agreement whereby iA American Holdings, Inc., a subsidiary of the Company, will acquire Vericity, Inc. (\"Vericity\") (Nasdaq: VERY).\n \n \n Vericity comprises two entities servicing the middle-market life insurance space, with synergies in between and combining artificial intelligence and rich data analytics to deliver innovative proprietary technology: Fidelity Life, an insurance carrier\n \n 1\n \n , and eFinancial, a direct-to-consumer digital agency. Vericity employs more than 400 employees.\n \n \n \"With this acquisition, we are adding scale to our already well-established and successful U.S. individual life insurance business and creating value for our shareholders by building on our core insurance and distribution competencies,\" said\n \n Mike Stickney\n \n , Executive Vice-President, Chief Growth Officer U.S. Operations, Co-Head of Acquisitions. \"We look forward to working with Vericity to pursue further growth in the U.S. individual life insurance market with the addition of Fidelity Life, while diversifying and complementing our distributio...