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iA Financial Group completes acquisition of Vericity
iA Financial Group completes acquisition of Vericity Canada NewsWire QUEBEC...
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[{"type":"text","content":"\n \n \n \n iA Financial Group completes 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.prngen2{\nPADDING-RIGHT:0.17em; PADDING-LEFT:0.17em; VERTICAL-ALIGN: TOP; TEXT-ALIGN: LEFT; BORDER-TOP:black 1pt; BORDER-RIGHT:black 1pt; BORDER-BOTTOM:black 1pt; BORDER-LEFT:black 1pt\n}\n.prnml4{\nMARGIN-TOP:0em; MARGIN-RIGHT:0em; MARGIN-BOTTOM:0em; MARGIN-LEFT:0.33em !IMPORTANT\n}\n.prnbcc{\nBORDER-COLLAPSE: COLLAPSE\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n QUEBEC CITY\n \n \n ,\n \n \n June 28, 2024\n \n \n /CNW/ - iA Financial Corporation Inc. (\"iA\" or the \"Company\"), the holding company of iA Financial Group (TSX: IAG), announced today that iA American Holdings, Inc., a subsidiary of the Company, completed its acquisition of Vericity, Inc. (\"Vericity\") (Nasdaq: VERY). The agreement to acquire Vericity was announced on\n \n October 3, 2023\n \n .\n \n \n With more than 400 employees, Vericity is comprised of Fidelity Life, an insurance carrier\n \n 1\n \n , and eFinancial, a direct-to-consumer digital agency. Together, the two entities leverage synergies and deliver innovative, proprietary technology powered by artificial intelligence and rich data analytics to serve middle-market life insurance customers in\n \n the United States\n \n .\n \n \n \"For several years now, iA Financial Group has enjoyed strong growth in its individual life insurance business in\n \n the United States\n \n . This acquisition will enable us to continue this strong growth, increase the size of our operations in this field south of the border, and give us access to a digital distribution platform,\" points out\n \n Sean O'Brien\n \n , Executive Vice-President and Chief Growth Officer US Operations. \"Synergies are to be expected, in particular due to Vericity's distribution capacities with direct access to consumers.\"\n \n \n The purchase price of approximately\n \n US$170 million\n \n was funded by iA with available capital, and the Company's solvency ratio was reduced by about 3 percentage points.\n \n \n \n Forward-Looking Statements\n \n \n ...