Quebec City-based Industrial Alliance Insurance and Financial Services Inc. (IA) has acquired Calgary-based managing general agency (MGA) ABEX Brokerage Services Inc. and its Surrey, B.C.-based subsidiary ABEX National Brokerage, the companies announced on Tuesday.
The acquisition reflects IA’s ongoing effort to expand its financial services distribution activities and comes approximately six weeks after its acquisition of PPI Management Inc.
ABEX supports independent insurance advisors in Western Canada.
“We are pleased and excited to continue supporting our independent advisors as part of a strong, national organization,” says Kevin Miller, president and CEO of ABEX, in a statement. “We are confident that this transaction will ensure a strong, stable future for our advisors.”
The transaction, which is effective immediately, will see ABEX’s operations integrated into PPI — IA’s new subsidiary. ABEX advisors will have access to PPI’s insurance and wealth-management services, according to Denis Ricard, chief operating officer with IA.
Jim Virtue, president and CEO of Calgary-based PPI Solutions Inc., said in a statement that the acquisition demonstrates IA’s “firm belief in the value of distribution through independent advisor. We look forward to supporting ABEX’s advisors with PPI’s full range of marketing, technology, underwriting, education and planning tools.”