Industrial Alliance is a Canadian insurance company with a diversified business ranging from wealth management to group pensions. It is a major player in the Canadian market where it serves three million people across the country and ranks fourth among insurance companies however, the company has recently begun focusing on increasing its presence in the US market where it sees an opportunity for growth. Its first major expansion into the US market happened in April 2010 when it purchased American Amicable Life Insurance of Texas for $145 million. In 2010, Industrial Alliance listed in Forbes Magazine's "Global 2000" list of companies.
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History
The oldest parts of the current company, Industrial Life Insurance and Alliance Nationale merged in January 1987. In the 13 following years the new company made a number of acquisitions, beginning with the National Life Assurance Company of Canada in 1988. The next addition was Quebec based The Solidarity followed by 87-year-old Seaboard life Insurance of Vancouver (eventually became Industrial Alliance Pacific). In 1999, the year before the company renamed itself Industrial Alliance Insurance and Financial Services, wealth management company, Investia Financial Services was created. Then in February of the same year it demutualized and joined the Toronto Stock Exchange under the symbol IAG.
Alliance Nationale This founding part of the present company was created at a meeting in Montreal's Saint Joseph's Church where the contributions of 74 people including its first president Sir Hormidas Laporte helped form a mutual aid society. In 1948 it became one of the first mutual life insurance companies in Canada.
Industrial Life Insurance Company The Industrial Life Insurance Company was started in 1905 by Mr. Bernard Leonard, whose family controlled the company from Quebec City until 1950, the year the company was taken over by Crédit Interprovincial Ltd. Four years after it mutualized, in 1973 the company acquired two general insurance companies that currently form Industrial Alliance's auto and home insurance division. Its last major move as a separate company was made in 1982 when it acquired Vancouver-based West Life Assurance Company of Canada, a brand that eventually became its Industrial Alliance Pacific subsidiary.
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Division of business segments
Industrial Alliance's core business is health and life insurance and wealth management services to groups and individuals. A unique feature about its business is the pick a term insurance plan which offers applicants the choice of picking a term for coverage, from 10 and 30 years. Also mortgage insurance claims can be processed faster than most other institutions because plans are underwritten at the time of application not at the time of claim.
The company operates through 11 divisions.
- IA Pacific (formerly North West Life Assurance/Seabord Life) and Solicour deal in life insurance, RRSP, mutual funds, securities, mortgage loans
- IA Excellence is a 48-year-old company in the business of health and life insurance
- IA American is a Phoenix-based family life and health insurance company, formerly known as united family life insurance
- IA Investia and FundEx are the mutual fund brokers of Industrial Alliance. There are 15.4 billion dollars worth of assets under their management.
- IA Securities and IA Trust Inc. are two financial services divisions of the company, based in Quebec City. One provides securities, mutual fund, and bond broker services while the other is a trust company.
- IA Investment Management manages investments while IA Auto and Home Insurance offers auto and home insurance products.
- IA Clarington Investments Inc. is a mutual fund company.
References
Source of article : Wikipedia
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