Canadian Premier Life Insurance Company has entered into an agreement to acquire a block of Canadian life insurance business from U.S. domiciled Western & Southern Financial Group.
The block of Canadian life insurance business is marketed under the Gerber Life brand and includes individual life insurance policies, primarily the Grow Up plan, which are whole life policies geared towards children 12 years and under.
The deal is expected to close in the second-quarter of 2020 and once completed, the Gerber Life Canadian policies will be fully assumed by Canadian Premier. Closing of the transaction remains subject to regulatory approval.
Chief Executive Officer (CEO) of Canadian Premier, Suzette Huovinen, said: “This is an exciting acquisition for Canadian Premier as we focus on growing in the Canadian marketplace. We are invested in Canada and in pursuing opportunities that expand our footprint beyond our core group creditor insurance business. Canadian Premier is well positioned to support the diverse market need for both life and specialized protection.
“Canadian Premier is committed to providing financial security to families throughout moments that matter. We look forward to welcoming a new generation of customers to Canadian Premier and providing them excellent products and services.”