QUEBEC
CITY, Feb. 4, 2025 /CNW/ - iA Financial
Corporation Inc. ("iA Financial Group") today announced the
acquisition of Global Warranty, a group of companies that are
important independent warranty providers and administrators in the
used vehicle market in Canada.
Founded in 1987, Global Warranty does business with a network of
over 1,500 automotive dealerships and more than 400 authorized
repair centres across the country. Headquartered in London, Ontario, Global Warranty is a leading
provider of vehicle warranties and other vehicle protection
products.
Global Warranty protects customers with warranty packages that
are insured and provides excellent client service. Global Warranty
has been a Better Business Bureau (BBB) Accredited Business since
March 1997 and enjoys a BBB
Accredited Business Rating of A+.
"We couldn't be more pleased with the acquisition of Global
Warranty. It is a well-run organization with a strong reputation
and we are pleased to welcome this highly professional team into iA
Financial Group," said Gwen Gareau,
Senior Vice-President, iA Dealer Services and iA Auto Finance.
"This will increase our presence in the used vehicle warranty
market, with long-standing operations in London, where our subsidiary
Lubrico Warranty is also based."
"The acquisition of Global Warranty fits perfectly with iA
Dealer Services' growth strategy," said Pierre Miron,
Executive Vice-President, Chief Growth Officer Canadian Operations,
at iA Financial Group. "We have been in the vehicle warranty
business for over 60 years and we believe strongly that the used
car market is an important segment for growth. Future growth and
synergies with Global Warranty look very promising."
"We chose to sell our business to iA Financial Group because of
their long history in the warranty business," stated Roy Neufert, Chief Executive Officer and
President at Global Warranty. "iA Financial Group has been doing
this for over 60 years across North
America and has relationships with over 10,000 new and used
car dealerships. We believe their expertise, experience, and vision
for the future will serve all Global employees and iA Financial
Group well. We wish everyone well in their future endeavours."
Effective immediately, this acquisition will be slightly
accretive from the first year, both on a core and reported basis.
The impact on iA Financial Group's solvency ratio is a one
percentage point decrease.
About iA Financial Group
iA Financial Group is
one of the largest insurance and wealth management groups in
Canada, with operations in
the United States. Founded in
1892, it is an important Canadian public company and is listed on
the Toronto Stock Exchange under the ticker symbol IAG (common
shares).
iA Financial Group is a business name and trademark of
iA Financial Corporation Inc. and Industrial Alliance
Insurance and Financial Services Inc.
SOURCE Industrial Alliance Insurance and Financial Services
Inc.
