The Plateau Group has entered into an agreement to acquire Individual Assurance Company's (IAC) credit and group mortgage insurance business in an undisclosed reinsurance transaction.
As part of the agreement, major part of the IAC sales and marketing staff who support the credit and group mortgage insurance, as well as debt protection programs will join the acquirer.
IAC will continue to write new credit insurance and group mortgage products during a transition period until Plateau receives required approvals to write business in several jurisdictions.
Both parties have also agreed to form a marketing alliance to jointly market and manage insurance as well as initiate protection programs in the financial institutions markets which they serve.
IAC president and chief executive officer Jim Harlin said, "The opportunity to partner with them to expand IAC’s presence as a premier administrator of financial institution insurance and debt protection programs is exciting."
The agreement does not include the ordinary life insurance business underwritten by IAC.