Quebec City-based iA Financial Group is merging two companies within its group.
Excellence Life Insurance Company and Industrial Alliance Insurance and Financial Services Inc. will come together under the iA Financial Group brand, the insurance company said in a release on Wednesday.
The merger will take effect Jan. 1, 2020, subject to approval by the Quebec Minister of Finance.
According to the release, iA will uphold all commitments made to Excellence clients by the former company. No individual action is required by the 175,000 clients.
The company said the merger is intended to improve operational efficiency and will have “little to no direct impact” on current jobs.
iA Insurance acquired Excellence in 2008 as a way to break into the individual disability and health insurance market. Formerly operating exclusively in Quebec, Excellence now employs 173 staff members across Canada with a gross premium income of $135 million.