Insurance Business US company makes cross-border foray with purchase of Canadian insurance companies

US company makes cross-border foray with purchase of Canadian insurance companies Financial services provider Securian Financial Group has closed its purchase of a cluster of companies that provide and distribute insurance in Canada, according to a news release.

Securian first announced plans for the acquisitions in November. The US company purchased several companies from Canadian insurer ivari, including providers Canada Premier Life Insurance Company and Legacy General Insurance Company, distributor CRI Canada, and Selient, a company that provides customized loan and insurance point-of-sale technology to Canadian credit unions.

The companies will remain in Canada as independently operated affiliates of Securian, according to the release. CEO Nicole Benson, who has had the reins of the businesses since 2005, will remain in charge.

The move marks Securian’s first foray into the Canadian insurance market. The transaction will give the US company more than 2 million Canadian customers, $284.6 million in direct premium – boosting Securian’s direct premium from financial institutions by 43% – and about 150 new employees.

“This acquisition leverages Securian’s deep expertise in the financial institution space and furthers our leadership position in the North American Market, said Securian President and CEO Chris Hilger. “We are also expanding our platform to reach middle-market consumers, a strategic growth priority.”