(April 13 – 11:45 ET) – Transamerica Life Insurance Co. of Canada has closed its deal for NN Life Insurance Co. of Canada from ING Canada Inc.

Transamerica intends to amalgamate the two firms by the end of this year under the Transamerica name. The combined firm would be on top in Canada with a 15% share of individual life sales and 29% of the segregated fund market.

Until the amalgamation is approved the firms will operate separately but under a common senior executive committee headed by George Foegele, president and CEO of Transamerica Canada. The committee will include Fred Wolfe, executive vice president sales and marketing, Karen Gavan, executive vice president corporate, and Neil Skelding, executive vice president operations.

Back office integration will start immediately, with NN Financial moving its head office to Transamerica’s location at 300 Consilium Place in Scarborough, Ont. by June 1.
“Completion of the purchase of NN Life represents an important next step in creating the new Canadian market leader in the sale of individual life insurance and segregated funds,” says Foegele.
-IE Staff