IAG up on acquisition news.
iA Financial to acquire Vericity for $170M (U.S.)
2023-10-03 07:26 ET - News Release
Mr. Mike Stickney reports
IA FINANCIAL CORPORATION STRENGTHENS INDIVIDUAL INSURANCE PRESENCE IN THE UNITED STATES WITH THE ACQUISITION OF VERICITY.
iA Financial Corp. Inc. the holding company of iA Financial Group, has entered into a definitive merger agreement whereby iA American Holdings Inc., a subsidiary of the company, will acquire Vericity Inc.
Vericity comprises two entities servicing the middle-market life insurance space, with synergies in between and combining artificial intelligence and rich data analytics to deliver innovative proprietary technology: Fidelity Life, an insurance carrier1, and eFinancial, a direct-to-consumer digital agency. Vericity employs more than 400 employees.
"With this acquisition, we are adding scale to our already well-established and successful U.S. individual life insurance business and creating value for our shareholders by building on our core insurance and distribution competencies," said Mike Stickney, Executive Vice-President, Chief Growth Officer U.S. Operations, Co-Head of Acquisitions. "We look forward to working with Vericity to pursue further growth in the U.S. individual life insurance market with the addition of Fidelity Life, while diversifying and complementing our distribution capabilities with direct-to-consumer reach through the eFinancial digital agency."