Canadian Premier Life Insurance Company has agreed to buy a block of life insurance business in Canada from an arm of Western & Southern Financial Group Inc.
Canadian Premier — a Toronto-based arm of Securian Financial Group Inc. — is acquiring the Canadian block of business from Gerber Life Insurance Company.
Western & Southern acquired Gerber Life from a unit of Nestlé S.A. at the end of 2018. Most of the Gerber Life block of business in Canada consists of Grow-Up whole life policies for children.
(Related: Western & Southern Now Owns Gerber Life)
Securian isn’t saying how much Canadian Life intends to pay for Gerber Life’s Canadian business, but it says that Canadian Premier will fully assume the Canadian Gerber Life policies once it has permission to do so.
“The Gerber Life brand will no longer be marketed in Canada,” Securian says.
Western & Southern plans to keep the U.S. Gerber Life business.
Canadian Premier and Western & Southern hope to complete the deal by June 30.
Securian acquired Canadian Premier in 2017. Canadian Premier writes group life, accident & sickness, credit insurance, and creditor insurance solutions to financial institutions, retailers and affinity groups in Canada.
Chris Hilger, Securian Financial’s chief executive officer, implied that Securian and Canadian Premier might have more deals on their radar.
“We see a bright future in Canada and will continue evaluating opportunities to grow our business in the country,” Hilger said in a comment on the deal.
— Read Securian to Acquire Benefits Firm, on ThinkAdvisor.