Archive: Oct 2014

Wilton Re Announces the Agreement to Acquire Transamerica Businesses in Canada from Aegon NV

17th Oct 2014

IFB Staff

Wilton Re Announces the Agreement to Acquire Transamerica Businesses in Canada from Aegon NV

Press Release: 16 October 2014 (Wilton, Connecticut) Today, the board of directors of Wilton Re Ltd (“Wilton Re”) announced the execution of definitive agreements to acquire the majority of the Aegon N.V. operations in Canada for C$600 million, consisting of Transamerica Life Canada, Canadian Premier Life, Legacy General Insurance Company, Aegon Capital Management, Aegon Fund Management, CRI Canada and Selient, Inc. (“Transamerica Canada Business”).  Wilton Re will fund the transaction with additional equity capital provided by its parent, Canada Pension Plan Investment Board. Chris Stroup, Chairman and CEO of Wilton Re, said, “We are delighted to work on this important transaction with Aegon. Wilton Re views the acquisition of the Transamerica Canada businesses as well-aligned with our strategy to provide […]

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FSCO releases Final Life Insurance Product Suitability Report

02nd Oct 2014

IFB Staff

FSCO releases Final Life Insurance Product Suitability Report

The Financial Services Commission of Ontario (FSCO) released its findings from a study it conducted with 1300 randomly selected life insurance agents licensed in Ontario.  The study was primarily an information gathering exercise where selected agents were required to complete a questionnaire on the practices they employ to determine if a product or recommendation is suitable for clients.  While the results were positive in many respects, some shortcomings in sales practices were noted.  IFB has communicated with members reminding them of the importance of compliance with regulatory requirements, and in particular, providing clients with written conflict of interest disclosure.  IFB members will find more information in the Member section of the IFB website: www.ifbc.ca. Next steps: In its September e-newsletter, […]

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