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Quebec City-based Industrial Alliance Insurance and Financial Services Inc. (IA) has acquired Toronto-based life insurance distribution firm PPI Management Inc. (PPI), the companies announced on Monday.

The transaction is effective immediately.

The acquisition adds 3,000 independent life insurance advisors to IA’s existing distribution network.

PPI is an insurance marketing and distribution organization that supports independent advisors in Canada. The firm has two managing general agencies under its umbrella — Toronto-based PPI Advisory and Calgary-based PPI Solutions Inc.

Established in 1978, PPI offers actuarial, tax and specialized expertise in all aspects of life insurance. PPI operates 15 marketing and resource offices across Canada, helping advisors place business through all major insurance companies across Canada.

“Combined with the HollisWealth network acquired last year, IA is now positioned at the top of independent distribution for financial services in Canada, providing advisors with best-of-class services for both insurance and wealth management all under one roof,” said Denis Ricard, chief operating officer of IA, in a statement. “In addition, the PPI Advisory division that focuses on ultra high-net-worth clients brings a significant enhancement to IA wealth advisors.”

Ricard said the companies would continue to work together to develop customized insurance products.

“We remain fully committed to preserving the independence of PPI as a marketing organization representing and promoting the products of all major Canadian insurers,” he said. “This acquisition is yet another demonstration of our organization’s firm belief in the value of distribution through advisors.”