iA Financial Group acquires Global Warranty

iA Financial Group announced the acquisition of Global Warranty , a group of companies that are “important independent warranty providers and administrators” in the used vehicle market in Canada.

Founded in 1987, Global Warranty does business with a network of over 1,500 automotive dealerships and more than 400 authorized repair centers across Canada.

Effective immediately, this acquisition will be slightly accretive from the first year, both on a core and reported basis. The impact on iA Financial Group’s solvency ratio is a one percentage point decrease.

“We couldn’t be more pleased with the acquisition of Global Warranty. It is a well-run organization with a strong reputation and we are pleased to welcome this highly professional team into iA Financial Group. This will increase our presence in the used vehicle warranty market, with long-standing operations in London, where our subsidiary Lubrico Warranty is also based.” – Gwen Gareau, Senior Vice-President, iA Dealer Services and iA Auto Finance.

“The acquisition of Global Warranty fits perfectly with iA Dealer Services’ growth strategy. We have been in the vehicle warranty business for over 60 years and we believe strongly that the used car market is an important segment for growth. Future growth and synergies with Global Warranty look very promising.” – Pierre Miron, Executive Vice-President, Chief Growth Officer Canadian Operations, at iA Financial Group.

“We chose to sell our business to iA Financial Group because of their long history in the warranty business. iA Financial Group has been doing this for over 60 years across North America and has relationships with over 10,000 new and used car dealerships. We believe their expertise, experience, and vision for the future will serve all Global employees and iA Financial Group well. We wish everyone well in their future endeavours.” – Roy Neufert, Chief Executive Officer and President at Global Warranty.