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Quebec City-based Industrial Alliance Insurance and Financial Services Inc. (iA Financial Group) through its subsidiary National Financial Insurance Agency (NFIA), announced on Tuesday the signing of an agreement to acquire the operations of Groupe financier Moreau, a life insurance agency with around 130 representatives.

This transaction comes as part of the growth strategy of NFIA, which supports an independent distribution network in retail insurance and wealth management. Groupe financier Moreau has offices in the greater Montreal area, located in the city’s suburbs of Laval and Brossard.

“We have worked with iA Financial Group’s teams for years. Our values focused on competence, professionalism and integrity are right in line with those demonstrated every day by these teams,” says Alain Moreau, president of Groupe financier Moreau, in a statement.

“It is our pleasure to welcome Groupe financier Moreau’s representatives to our team of independent advisors and to now serve their clients as well. Alain Moreau’s extensive experience will be used in NFIA to develop and grow our business. With these new offices in the greater Montreal area, this acquisition consolidates our positioning in Quebec,” adds Louis DeConinck, president of Investia Financial Services and head of NFIA.

The transaction closing date is planned for April 1, subject to normal closing conditions. After the transaction has been concluded, Groupe financier Moreau will be merged with NFIA.

The impact of the transaction on iA Financial’s earnings and capital is non-material, according to the company, and therefore not disclosed.

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