Industrial Alliance Insurance and Financial Services Inc. (IAG.TO) said that it has signed an agreement with MD Physician Services Inc. to acquire the individual life insurance portfolio of MD Life Insurance Co.
MD Life is a life and health insurance company that offers life insurance and annuity products to Canadian physicians. It is 55% owned by MDPSI, which itself is a Canadian Medical Association company, and 45% by Industrial Alliance.
Under the agreement, MD Life will continue to manufacture the Group Annuity policy MD Stable Income Fund. MDSIF will continue to be distributed by MD Insurance Agency Ltd., a subsidiary of MDPSI, and be managed by Industrial Alliance.
The agreement also provides for MDIA to offer Canadian physicians the full line of Industrial Alliance insurance and annuity products, including life insurance, health insurance and segregated funds.
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