SSQ, Life Insurance Company Inc., with the support of its majority shareholder, Fonds de solidarité des travailleurs du Québec (F.T.Q.), concluded the acquisition from Intact Financial Corporation of AXA Life Insurance Inc., a newly formed insurance company which had been acquired by Intact Financial in September as part of its purchase of AXA Canada. The name of AXA Life Insurance Inc. will be changed to SSQ Insurance Company Inc.
SSQ Insurance Company Inc. (AXA Life Insurance Inc.) will continue to offer a full range of individual insurance products and specialized group insurance products from its offices in Montreal, Toronto, Calgary, Vancouver and Dartmouth. In addition, it will maintain its distribution agreements with its two subsidiaries, Services Financiers AXA Assurance Inc. and SécuriGroupe Inc.
This acquisition will allow SSQ Financial Group to strengthen its position on the individual insurance market, increase its presence throughout Canada, enlarge its distribution network for its range of segregated fund products (ASTRA Funds) and welcome a new portfolio of group insurance products that complement its own.
SSQ Life Insurance Company Inc. was represented by Marc Gagnon, General Counsel of SSQ Financial Group, Michel Dorion, Senior Legal Counsel of Fonds de solidarité des travailleurs du Québec (F.T.Q.) and by McCarthy Tétrault LLP with a team led by François Amyot that included Anne-Marie Naud and Mathieu LeBlanc (business law); Daniel Benay and Thomas Lavier (financial services and regulatory); Véronique Wattiez Larose (IT); Lorraine Allard (benefits); Christian Meighen (tax); Madeleine Renaud (competition law) and Simon-Pierre Hébert (labour and employment).
Intact Financial Corporation was represented internally by Chantal Denommée, Vice President Legal and Compliance Services and Assistant Secretary, assisted by Eva Baran, Legal Counsel, Mathieu Grenier, Legal Counsel, Danistan Saverimuthu, Senior Counsel, Karine Iskandar, Legal Counsel and Suzanne Langlois, Director Legal Services, and by Blake, Cassels & Graydon LLP with a team led by Greg Frenette that included Philippe Décary and Tatiana Lewin (M&A); Bruno Arnould, Annick Demers and Paul Bélanger (financial services and regulatory); Kathy Bush (benefits); Christine Ing (IT); Kathleen Penny (tax) and Julie Soloway (competition law).