Filed Under:Markets, Company News

Canadian Insurer to Sell Its U.S. Fixed Indexed Annuity Line to Guggenheim Affiliates

An aerial view of Old Quebec. AP Photo/J-F Bergeron, Enviro Foto
An aerial view of Old Quebec. AP Photo/J-F Bergeron, Enviro Foto

Industrial Alliance Insurance and Financial Services, Inc. of Quebec has agreed to sell its U.S. fixed annuity business to Security Benefit Life Insurance Co. and Equitrust Life Insurance Co., both affiliates of U.S.-based Guggenheim Partners. The deal represents approximately $800 million in contract liabilities and related assets.

In a statement announcing the deal, Industrial Alliance estimated the transaction will increase its solvency ratio by eight percentage points. The deal is subject to regulatory approvals in the U.S.

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Nichole Morford

Nichole Morford
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