Canadian insurer expands in Scottsdale
Industrial Alliance Insurance and Financial Services Inc. of Canada has launched a company in Scottsdale in what officials say “is the next phase of the company’s long-term growth strategy in the U.S.”
IA American Life Insurance Co. will be headquartered with the Quebec City company’s Industrial Alliance Pacific Life Insurance Co. U.S. division. The two will offer a range of life and annuity products.
Among IA’s first efforts was a tentative agreement to take on policies of Golden State Mutual Life Insurance Co., seized in September by California regulators. It’s also offering a new product called SecureLife Plus universal life insurance, which offers coverage to individuals up to age 120 and features such as increased maximums on term riders, a new waiver of surrender charge and an accelerated death benefit.
“We’ve laid a solid U.S. foundation and now we’re focusing on growth in underserved, middle-income markets,” said Michael Stickney, president of IA American.
“The debut of IA American marks the beginning of a new phase in our expansion in North America,” said Yvon Charest, president and CEO of Industrial Alliance guaranteed online payday loans. “Over the last few years, we’ve focused on creating a solid local management team in the U.S. Our next objective is to create a strong and vibrant organization capable of serving the insurance and financial needs of middle-income American families.”
State officials took over Golden State Mutual, the largest minority-owned life insurance company in California, after the insurer’s surplus dropped below the state’s required minimum. Golden State Mutual had posted six consecutive years of net operating losses and was operating in a hazardous financial condition, according to an announcement from Insurance Commissioner Steve Poizner. IA was the only bidder that met state requirements after a national search.
Founded in 1892, Industrial Alliance is a life and health insurance company with operations across North America. It has more than 3,400 employees and manages and over $58 billion in assets. Officials could not be reached over the weekend for further details on the Scottsdale operation.