NU Online News Service, Oct. 9, 3:15 p.m. – Clarica Life Insurance Company-U.S., the U.S. subsidiary of Clarica Life Insurance Company, based in Waterloo, Ontario, says it will buy most of Ash Brokerage Corporation, Wayne, Ind. The deal also includes Ash’s affiliate, AFH Financial Consortium, Inc.
The agreement is expected to close within the next 30 days, subject to regulatory approvals. Clarica Life will hold 85% of the company, and Tim Ash, president of Ash Brokerage, will hold the remaining 15%.
Ash Brokerage assists independent marketing companies and agents in placing customized life insurance cases, while AFH Financial is a wholesale broker-dealer providing support for sales of variable life insurance and annuity products, 401(k) plans and mutual funds.
Ash Brokerage has 62 employees and 20,000 producer relationships across the U.S.