(January 10) – Transamerica Life Insurance Co. of Canada is buying 100 percent of NN Life Insurance Co., ING Canada’s life insurance subsidiary. The deal is part of a strategic alliance between the firms.
In addition to the acquisition, ING Canada will distribute Transamerica’s life insurance products. The two have agreed to create a mutual fund/segregated fund broker dealer operation catering specifically to life insurance intermediaries. AFP Wealth Management, ING Canada’s existing fund broker will help lead this joint venture.
No price was disclosed on the deal. The deal is subject to regulatory approval and is expected to close by March 31. After closing, Transamerica will seek to merge Transamerica Life and NN Life into a single firm by the end of 2000.
Yves Brouillette, president and CEO of ING Canada, said that ING Investment Management will continue as portfolio managers for the NN segregated funds coming under the Transamerica brand. “Additionally, AFP Wealth Management, a part of our business we intend to grow, will develop further through its support of the joint venture investment fund operation.”
-IE Staff