Toronto-based Intact Financial Corp. (TSX: IFC) Wednesday announced that it has completed the $300 million sale of AXA Life Insurance Inc. to SSQ, Life Insurance Company Inc.
AXA Life Insurance Inc. was acquired in September 2011 by IFC as part of the $2.6 billion acquisition of AXA Canada. AXA Life Insurance Inc. has approximately 250 employees and offers health and life insurance products through a vast network of agents.
P&C insurer Intact intends to allocate most of the proceeds to repay the term loan facility used to partially finance the acquisition of AXA Canada.
Quebec City-based SSQ says the new entity will be called SSQ Insurance Company Inc. and will continue to offer a full range of individual insurance products and specialized group insurance products from its offices in Montreal, Toronto, Calgary, Vancouver and Dartmouth. It will also maintain its distribution agreements with SFAA and SécuriGroupe.
“The range of services offered by SSQ Insurance Company Inc. (AXA Life Insurance Inc.) fits in perfectly with our existing product offer and will strengthen our position as a major player in Canadian insurance and financial products,” says René Hamel, CEO of SSQ Financial Group.
Hamel also announced the appointment of Bernard Tanguay to the position of senior vice president of SSQ Insurance Company Inc.
Tanguay holds a bachelor’s degree in actuarial sciences from Université Laval and is a Fellow of the Canadian Institute of Actuaries and the Society of Actuaries. He joined the ranks of SSQ Financial Group over fifteen years ago and has held various management functions during his time with the company. Before being hired by SSQ Financial Group, he worked for another financial group for over 10 years.
In addition to his new functions, Tanguay will continue to supervise all the activities of SSQ Financial Group’s investment and retirement sector.
SSQ Financial Group is mutual diversified financial institution with nearly $3 billion in annual revenue and more than $8 billion in assets under management.