Securian Canada, Inc., a subsidiary of Securian Financial Group, acquired Armour Group Inc., a distributor of credit and specialty property and casualty products through RV dealers, automobile 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 Sept. 1, were not 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,” Hilger said.
