(November 29 – 16:30 ET) – Industrial-Alliance Life Insurance Co. announced that it is becoming the sole owner of Unindal Inc. in accordance with the agreement in principle entered into on October 17 with Les Mutuelles du Mans de France.

The company says this agreement means that Industrial Alliance, which already owns 50% of Unindal, acquires the 50% share owned by Mutuelles du Mans.

Unindal, a portfolio company, owns Industrial Alliance Auto and Home Insurance, which offers its products through the direct distribution method. Representatives of Industrial Alliance are encouraged to submit referrals to the auto insurer.

Industrial Alliance says the acquisition is a logical continuation of the ambitious development plan unveiled last February by the president of Industrial Alliance Auto and Home Insurance, John Harbour.

That plan set targets for managing some $100 million in premiums, more than three times the current level.