Columbus, OH (January 24, 2018) – Dealers Assurance Company (DAC) announced today that its acquisition by iA Financial Group (iA) of Canada has been completed. When announced on September 21, 2017, the acquisition was subject to regulatory approval. All approvals have been received, and DAC is now a fully owned subsidiary of iA.
Founded in 1892, iA is one of the largest life and health insurance companies in Canada as well as one of the largest F&I providers for auto dealerships in Canada. iA purchased DAC in order to expand its footprint in the United States.
“With our solid track record in the extended warranty business in Canada together with the established presence of DAC in the US, we look forward to this new chapter in our US expansion with great anticipation,” said Mike Stickney, President of iA American.
“iA is the perfect strategic buyer,” said Kristen Gruber, President of DAC. “Their financial backing, in combination with DAC’s entrepreneurial spirit, will create many new opportunities for growth.”
“Unlike many transactions in our Industry, iA has a long-term view of this acquisition and the Industry in general,” Gruber added. “With the resources and stability that iA brings to the table, we look forward to becoming one of the premier warranty insurers in the U.S.”
About Dealers Assurance Company
With roots dating back to 1935, Dealers Assurance Company is a property and casualty insurance company with offices in Columbus, Ohio and Dallas, Texas. DAC primarily serves the automotive and consumer goods Industry and related lending Industries. DAC is licensed to transact insurance in all 50 states and the District of Columbia.
About iA Financial Group
Founded in 1892, iA Financial Group is one of the largest insurance and wealth management companies in Canada. It also operates in the United States. iA Financial Group stock is listed on the Toronto Stock Exchange under the ticker symbol IAG. iA Financial Group is a business name and trademark of Industrial Alliance Insurance and Financial Services, Inc.