IPC Financial Network has sold its life broker business serving agents outside the IPC network, formerly called Albanese Financial Group Inc., back to its original owner, Sam Albanese.

No details of the sale were disclosed.

“This transaction is part of our overall restructuring and focus on our core distribution channel,” said IPC CEO, Stephen Meehan.

Albanese Financial was acquired by IPC in November 2001 from Sam Albanese, Jessie Albanese and ING Canada Inc. for $2.9 million.