(May 15 – 15:35 ET) – The North West Life Assurance Co. of Canada, a member of the Industrial-Alliance Group, has acquired the Quebec insurance operations of Mecagroup Inc., one of the main providers of credit insurance to automotive dealers in Quebec.
“This agreement reflects the strategy of the Industrial-Alliance Group to become the leading credit insurance supplier to automotive and recreational-vehicle dealers across Canada,” said Yvon Charest, CEO of North West Life and president and newly appointed CEO of Industrial-Alliance.
North West Life’s SAL division holds distribution agreements with close to one-third of Canada’s automotive dealers. “With more than 25% of the automotive franchises in Canada, Quebec constitutes a key market for North West Life,” said Charest.
The agreement, which is subject to provincial and federal regulatory approval, is part of a larger strategy to make the Industrial-Alliance Group a nationwide insurance organization in promising sectors.
-IE Staff