(January 31 – 12:15 ET) – RBC Insurance has reached an agreement to acquire the individual life insurance and annuity business of the Prudential of America Life Insurance Co. (Canada), known as PruCan. It has also acquired a 15 per cent interest in PPI Partners, a leading provider of insurance and related financial products to high net worth Canadians.
RBC Insurance will assume responsibility for about 17,000 PruCan life insurance policies and annuities in Canada. The insurance policies and annuities are held by individual clients in the affluent segment of the life insurance market.
“This agreement gives us the opportunity to develop and distribute insurance products that serve the growing segment of high net worth households in Canada,” says Jim Westlake, president and CEO of RBC Insurance, the insurance operations of Royal Bank Financial Group.
The agreement is expected to close by the end of February 2000 and also makes RBC Insurance a limited partner of PPI, which will become a major distributor of RBC Insurance products for high net worth clients.
-IE Staff