Industrial Alliance
Encyclopedia
Industrial Alliance is a Canadian insurance
company with a diversified business ranging from wealth management
to group pensions. It is a major player in the Canadian market where it serves three million people across the country and ranks fourth among insurance companies however, the company has recently begun focusing on increasing its presence in the US market where it sees an opportunity for growth. Its first major expansion into the US market happened in April 2010 when it purchased American Amicable Life Insurance of Texas
for $
145 million. In 2010, Industrial Alliance listed in Forbes Magazines "Global 2000" list of companies.
In 1999, the year before the company renamed itself Industrial Alliance Insurance and Financial Services, wealth management
company, Investia Financial Services was created. Then in February of the same year it demutualized and joined the Toronto Stock Exchange
under the symbol IAG.
Alliance Nationale
This founding part of the present company was created at a meeting in Montreal's Saint Joseph's Church where the contributions of 74 people including its first president Sir Hormidas Laporte helped form a mutual aid society. In 1948 it became one of the first mutual life insurance companies in Canada
Industrial Life Insurance Company
The industrial life insurance company was started in 1905 by Mr. Bernard Leonard, whose family controlled the company from Quebec City until 1950, the year the company was taken over by Crédit Interprovincial Ltd. Four years after it mutualized, in 1973 the company acquired 2 general insurance companies that currently form Industrial Alliance's auto and home insurance division.
Its last major move as a separate company was made in 1982 when it acquired Vancouver based West Life Assurance Company of Canada, a brand that eventually became its Industrial Alliance Pacific subsidiary.
Also mortgage insurance claims can be processed faster than most other institutions because plans are underwritten
at the time of application not at the time of claim.
The company operates through 11 divisions.
Insurance
In law and economics, insurance is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss. Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for payment. An insurer is a company selling the...
company with a diversified business ranging from wealth management
Wealth management
Wealth management is an investment advisory discipline that incorporates financial planning, investment portfolio management and a number of aggregated financial services...
to group pensions. It is a major player in the Canadian market where it serves three million people across the country and ranks fourth among insurance companies however, the company has recently begun focusing on increasing its presence in the US market where it sees an opportunity for growth. Its first major expansion into the US market happened in April 2010 when it purchased American Amicable Life Insurance of Texas
ALICO Building
The ALICO Building is a 22-story office building in downtown Waco, Texas, United States, located on Austin and 5th Streets. It was built in 1910 by the architectural firm Sanguinet & Staats and associate architect Roy Lane, for the Amicable Life Insurance Company at a cost of $755,000...
for $
Canadian dollar
The Canadian dollar is the currency of Canada. As of 2007, the Canadian dollar is the 7th most traded currency in the world. It is abbreviated with the dollar sign $, or C$ to distinguish it from other dollar-denominated currencies...
145 million. In 2010, Industrial Alliance listed in Forbes Magazines "Global 2000" list of companies.
History
The oldest parts of the current company, Industrial Life Insurance and Alliance Nationale merged in January 1987. In the 13 following years the new company made a number acquisitions, beginning with the National Life Assurance Company of Canada in 1988. The next addition was Quebec based The Solidarity followed by 87 year old Seaboard life Insurance of Vancouver (eventually became Industrial Alliance Pacific).In 1999, the year before the company renamed itself Industrial Alliance Insurance and Financial Services, wealth management
Wealth management
Wealth management is an investment advisory discipline that incorporates financial planning, investment portfolio management and a number of aggregated financial services...
company, Investia Financial Services was created. Then in February of the same year it demutualized and joined the Toronto Stock Exchange
Toronto Stock Exchange
Toronto Stock Exchange is the largest stock exchange in Canada, the third largest in North America and the seventh largest in the world by market capitalisation. Based in Canada's largest city, Toronto, it is owned by and operated as a subsidiary of the TMX Group for the trading of senior equities...
under the symbol IAG.
Alliance Nationale
This founding part of the present company was created at a meeting in Montreal's Saint Joseph's Church where the contributions of 74 people including its first president Sir Hormidas Laporte helped form a mutual aid society. In 1948 it became one of the first mutual life insurance companies in Canada
Industrial Life Insurance Company
The industrial life insurance company was started in 1905 by Mr. Bernard Leonard, whose family controlled the company from Quebec City until 1950, the year the company was taken over by Crédit Interprovincial Ltd. Four years after it mutualized, in 1973 the company acquired 2 general insurance companies that currently form Industrial Alliance's auto and home insurance division.
Its last major move as a separate company was made in 1982 when it acquired Vancouver based West Life Assurance Company of Canada, a brand that eventually became its Industrial Alliance Pacific subsidiary.
Division of business segments
Industrial Alliance's core business is health and life insurance and wealth management services to groups and individuals. A unique feature about its business is the pick a term insurance plan which offers applicants the choice of picking a term for coverage, from 10 and 30 years.Also mortgage insurance claims can be processed faster than most other institutions because plans are underwritten
Underwriting
Underwriting refers to the process that a large financial service provider uses to assess the eligibility of a customer to receive their products . The name derives from the Lloyd's of London insurance market...
at the time of application not at the time of claim.
The company operates through 11 divisions.
- IA Pacific (formerly North West Life Assurance/Seabord Life) and Solicour deal in life insuranceLife insuranceLife insurance is a contract between an insurance policy holder and an insurer, where the insurer promises to pay a designated beneficiary a sum of money upon the death of the insured person. Depending on the contract, other events such as terminal illness or critical illness may also trigger...
, RRSPRegistered Retirement Savings PlanA Registered Retirement Savings Plan or RRSP is a type of Canadian account for holding savings and investment assets. Introduced in 1957, the RRSP's purpose is to promote savings for retirement by employees. It must comply with a variety of restrictions stipulated in the Canadian Income Tax Act...
, mutual fundMutual fundA mutual fund is a professionally managed type of collective investment scheme that pools money from many investors to buy stocks, bonds, short-term money market instruments, and/or other securities.- Overview :...
s, securities, mortgage loans
- IA Excellence is a 48-year-old company in the business of healthHealth insuranceHealth insurance is insurance against the risk of incurring medical expenses among individuals. By estimating the overall risk of health care expenses among a targeted group, an insurer can develop a routine finance structure, such as a monthly premium or payroll tax, to ensure that money is...
and life insuranceLife insuranceLife insurance is a contract between an insurance policy holder and an insurer, where the insurer promises to pay a designated beneficiary a sum of money upon the death of the insured person. Depending on the contract, other events such as terminal illness or critical illness may also trigger...
- IA American is a Phoenix based family lifeLife insuranceLife insurance is a contract between an insurance policy holder and an insurer, where the insurer promises to pay a designated beneficiary a sum of money upon the death of the insured person. Depending on the contract, other events such as terminal illness or critical illness may also trigger...
and health insuranceHealth insuranceHealth insurance is insurance against the risk of incurring medical expenses among individuals. By estimating the overall risk of health care expenses among a targeted group, an insurer can develop a routine finance structure, such as a monthly premium or payroll tax, to ensure that money is...
company, formerly known as united family life insurance
- IA Clarington is an investment fundCollective investment schemeA collective investment scheme is a way of investing money alongside other investors in order to benefit from the inherent advantages of working as part of a group...
managerInvestment managementInvestment management is the professional management of various securities and assets in order to meet specified investment goals for the benefit of the investors...
and promoter operating throughout Canada with a history going back to 1996
- IA Investia and FundEx are the mutual fundMutual fundA mutual fund is a professionally managed type of collective investment scheme that pools money from many investors to buy stocks, bonds, short-term money market instruments, and/or other securities.- Overview :...
brokerBrokerA broker is a party that arranges transactions between a buyer and a seller, and gets a commission when the deal is executed. A broker who also acts as a seller or as a buyer becomes a principal party to the deal...
s of Industrial Alliance. There are 15.4 billion dollars worth of assets under their management.
- IA Securities and IA Trust Inc. are 2 financial services divisions of the company, based in Quebec City. One provides securitiesStock brokerA stock broker or stockbroker is a regulated professional broker who buys and sells shares and other securities through market makers or Agency Only Firms on behalf of investors...
, mutual fund, and bond brokerBrokerA broker is a party that arranges transactions between a buyer and a seller, and gets a commission when the deal is executed. A broker who also acts as a seller or as a buyer becomes a principal party to the deal...
services while the other is a trust companyTrust companyA trust company is a corporation, especially a commercial bank, organized to perform the fiduciary of trusts and agencies. It is normally owned by one of three types of structures: an independent partnership, a bank, or a law firm, each of which specializes in being a trustee of various kinds of...
.
- IA Investment Management manages investments while IA Auto and Home Insurance offers auto and homeHome insuranceHome insurance, also commonly called hazard insurance or homeowner's insurance , is the type of property insurance that covers private homes...
insurance products.