iA Financial Corporation acquires majority stake in online general insurance broker Surex
High strategic value of P&C digital expertise, increased distribution capabilities and synergy opportunities
THE CITY OF QUEBEC, November 2, 2021 / CNW Telbec / – iA Financial Corporation inc. (the “Company”), the holding company of iA Financial Group, today announced the acquisition of 70% of the shares of two Canadian companies specializing in insurance technology: Surexdirect.com Ltée and Surexdirect .com (Ontario) Ltd (collectively “Surex”). As a leading player in the digital distribution of non-life insurance in Canada, Surex combines online self-service capabilities with experienced advisors.
Surex was founded in 2011 and serves all Canada, with the exception of the province of Quebec. The company offers Canadian consumers the opportunity to obtain online, in a few minutes, more than a dozen quotes from insurers through the Surex.com platform, offering the best P&C coverage, especially for auto, home and business insurance.
“The acquisition of this P&C distributor equipped with technological technologies represents a high strategic value for iA Financial Group given its digital expertise, its distribution capacities and its high synergy potential”, declared François Blais, Vice-President Executive, Dealer Services and Special Risks, at iA Financière Grouper. “This allows us to better serve our distribution networks through Canada and, at the same time, improve the customer experience by offering a wider range of financial products. “
“We are very happy to have a partner of the stature of iA Financial Group with whom we share common values, such as authenticity, the quality of the customer experience and the importance of social and community engagement. “, said Lance Miller, President and CEO of Surex. “We will continue to focus on solid growth, an exceptional service offering and a leading digital platform. “
Surex’s head office is located at Alberta. The company employs nearly 200 people. Surex has served more than 50,000 clients to date, processing over 60,000 policies per year, representing an annual premium volume of over $ 130 million. Surex is on track to process over 30,000 new policies this year. The two co-founders of Surex, Lance Miller and Matt Alston, remain minority shareholders.
This operation is effective immediately. It is funded by available cash and reduces the Company’s solvency ratio by approximately one percentage point.
This press release may contain statements relating to the strategies used by iA Financial Group or statements which are predictive in nature, which depend on or refer to future events or conditions, or which include words such as “may”, ” will be “,” could “,” should “,” should “,” suspect “,” expect “,” anticipate “,” intend “,” plan “,” believe “,” estimate “and “Continue” (or its negative), as well as words such as “objective”, “goal”, “direction” and “forecast” or other similar words or expressions. These statements constitute forward-looking statements within the meaning of securities laws. In this press release, forward-looking statements include, without limitation, information regarding possible or suspected future operating results. These statements are not historical facts; they represent only expectations, estimates and projections of future events and are subject to change, particularly in light of the ongoing and evolving COVID-19 pandemic, its effects on the global economy, and its uncertain impact on our operations.
Although iA Financial Group believes that the expectations reflected in these forward-looking statements are reasonable, these statements involve risks and uncertainties, and these statements should not be relied on unduly. Certain important factors or assumptions are applied in forward-looking statements, and actual results may differ materially from those expressed or implied in such statements. Factors that could cause actual results to differ materially from expectations include, but are not limited to: general business and economic conditions; level of competition and consolidation; changes in laws and regulations, including tax laws; the liquidity of iA Financial Group, including the availability of financing to meet existing financial commitments on their scheduled maturity dates when required; the accuracy of information received from counterparties and the ability of counterparties to meet their obligations; the accuracy of accounting policies and actuarial methods used by iA Financial Group; insurance risks such as mortality, morbidity, longevity and policyholder behavior, including the occurrence of natural or man-made disasters, pandemic diseases (such as the current COVID-19 pandemic) and acts of terrorism.
Potential impacts of the COVID-19 pandemic – Since March 2020, the COVID-19 pandemic has had major and unprecedented implications for society and the economy. The overall impact of the COVID-19 pandemic is still uncertain and depends on many factors, such as the progression of the virus, the emergence of new variants, the duration of the pandemic, potential treatments and therapies, the availability of vaccines. , the effectiveness of government measures to slow the spread of the virus and the impact of these measures on the economy. Therefore, we cannot accurately predict the total impact the pandemic will have, but the impact on iA Financial Corporation’s business and financial results could be significant. However, despite the negative short-term impacts of the pandemic on its results, iA Financial Corporation remains financially strong. In addition, iA Financial Corporation’s business continuity protocol continued, ensuring that the quality of service customers receive is the same or better than before the pandemic and allowing employees and advisors to continue working with confidence. security.
Additional information on significant factors that could cause actual results to differ materially from expectations and on significant factors or assumptions applied in making forward-looking statements can be found in the “Risk Management” section of the MD&A. 2020, the “Management of risks associated with financial instruments” note to the audited consolidated financial statements for the year ended December 31, 2020, and elsewhere in documents filed by iA Financial Group with the Canadian Securities Administrators, which can be viewed at sedar.com.
The forward-looking statements contained in this press release reflect iA Financial Group’s expectations as of the date of this document. iA Financial Group does not undertake to update or publish revisions to these forward-looking statements to reflect events or circumstances subsequent to the date of this document or to reflect the occurrence of unforeseen events, except as required by the law.
About iA Financial Group
iA Financial Group is one of the largest insurance and wealth management groups in Canada, with operations in United States. Founded in 1892, it is a major Canadian public corporation and is listed on the Toronto Stock Exchange under the symbols IAG (common stock) and IAF (preferred stock).
iA Financial Group is a trade name and trademark of iA Financial Corporation Inc. and Industrial Alliance Insurance and Financial Services Inc.
SOURCE iA Financial Group
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