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Industrial Alliance subsidiary merges with parent company

Industrial Alliance Insurance and Financial Services has merged its subsidiary, Industrial Alliance Pacific Insurance and Financial Services with its own operations.

Industrial Alliance Pacific, headquartered in Vancouver, British Columbia, offers services in individual insurance, wealth management, creditor insurance and special market risks.

After the combination, the operations will continue under the parent company’s banner and will remain based in Vancouver.

The merger, which will be completed by 30 June 2012, is expected to consolidate regulatory compliance with respect to enterprise risk management and other reporting requirements, as well as provide a more efficient structure for capital management.

The merged operations will be regulated by the Autorite des marches financiers. The transaction is subject to the usual regulatory approvals.

Industrial Alliance, founded in 1892, offers a wide range of life and health insurance products, savings and retirement plans, RRSPs, mutual and segregated funds, securities, auto and home insurance, mortgage loans and other financial products and services for both individuals and groups.