May 25, 2018 11:30
iA financial Group has taken another step in the establishment of a portfolio management company. The final order obtained from the Court approving and sanctioning the arrangement proposed by iA. During its annual general assembly held last may 10, the shareholders had approved the motion to 97 %.
The company had announced its intention last march in order to compete with the three insurers in Canada, who possess a portfolio company. “We want to have the same financial flexibility that these large companies. It was a natural step in our development “, had then explained Yvon Charest, president and chief executive officer of iA, in interview to the Newspaper of insurance.
The holding company will also enable iA to facilitate the acquisitions by increasing the speed of action. “The holding company would allow us to carry out larger acquisitions,” added Mr. Charest.
Subject to other conditions
The closing of the arrangement remains subject to other conditions laid down in the convention and in the plan are met, stresses ai. This includes the adoption of a private bill to amend the Law relating to the Industrial Alliance insurance Company on the Life and the approval of the minister of Finance, as stipulated by the insurance Act.