ST. PAUL, Minn.--(BUSINESS WIRE)--Securian Canada, Inc., a subsidiary of Securian Financial Group, announced today it has acquired Armour Group Inc., a distributor of credit and specialty property and casualty products through automobile dealers, recreational vehicle dealers and finance companies in Canada.
Headquartered in London, Ontario, Armour Group will continue to operate independently under its current leadership. The terms of the deal—which closed September 1, 2021—will not be disclosed.
“The acquisition of Armour Group and access to its broad distribution network diversifies our revenue and gives us a natural opportunity to expand into attractive adjacent markets,” said Chris Hilger, Securian Financial’s chairman, president and CEO.
This is Securian Financial’s third Canadian acquisition in five years. The company expanded internationally for the first time in its history in 2017, when it acquired Toronto-based Canadian Premier Life Insurance Company and distributor Valeyo. In 2020, Securian Financial purchased the Canadian block of business from Gerber Life Insurance Company.
“Our business in Canada is growing and we continue making strategic investments to accelerate our momentum in the country,” said Hilger.
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At Securian Financial, we’re here for family. And we’re here because of it. We’re guided by our purpose: helping customers build secure tomorrows. Since 1880, we’ve been building a uniquely diversified company that has outlasted economic ups and downs while staying true to our customers. We’re committed to the markets we serve, providing insurance, investment and retirement solutions that give families the confidence to focus on what’s truly valuable: banking memories with those who matter most.
Securian Financial is the marketing name for Securian Financial Group, Inc. and subsidiaries. Insurance products are issued by its subsidiary insurance companies, including Minnesota Life Insurance Company and Securian Life Insurance Company, a New York authorized insurer. Securities and investment advisory services offered through Securian Financial Services, Inc., registered investment advisor, member FINRA/SIPC.