Canadian Premier Life Insurance Company buys Gerber Life Canadian insurance business
Canadian Premier Life Insurance Company (Canadian Premier) has signed an agreement with US-based Western & Southern Financial Group (Western & Southern) to purchase its block of Canadian life insurance business, marketed under the Gerber Life brand. Closing of the purchase is expected to take place in the second quarter of 2020, subject to regulatory approval.
"This is an exciting acquisition for Canadian Premier as we focus on growing in the Canadian marketplace," said Canadian Premier chief executive officer Suzette Huovinen. "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 specialised protection."
The block of business from Western & Southern includes individual life insurance policies, primarily the Grow-Up plan, which are whole life policies geared towards children 12 years of age and under. Upon closing, the Gerber Life Canadian policies will be fully assumed by Canadian Premier.
Huovinen added: "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."
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