The management of AGA Benefit Solutions and its Novacap partners are proud to announce that they have acquired the PPI Benefits group, including subsidiaries Agile Benefits and BenefitsMyWay. PPI Benefits was a subsidiary of IA Financial Group general agent PPI, a leading national insurance marketing organization.
With this acquisition, the Montreal-headquartered AGA is becoming one of the largest group benefits firms in Canada, with offices in Quebec City, Montreal, Kitchener, Edmonton, Calgary and Saint John (NB), and approximately 180 employees across the country. PPI Benefits operations will continue under the corporate name AGA Benefit Solutions.
The acquisition further strengthens AGA's portfolio of products and services with the group insurance innovations developed by PPI Benefits, and gives new impetus to its growth. The combined company will benefit from a highly efficient digital platform and AGA’s unique AGA +PLUS service, enabling simple, flexible and economical management of group insurance plans.
Major strides for AGA towards English Canada
“This is excellent news for AGA, but also for the team and customers of PPI Benefits, who will be even better supported by our resources in all areas of expertise. It gives us great pleasure to welcome Ed Hofstede, who will lead AGA’s operations outside Quebec as Vice-President, as well as the PPI Benefits staff, into our big family. The acquisition cements our leading position in the Quebec market while making major strides in English Canada by giving thousands of customers access to our combined portfolio of products and services,” said Martin Papillon, President and CEO of AGA.
A transaction that allows PPI to focus on its core business: life and health insurance
“This sale allows us at PPI to focus on our core business of individual life and health insurance, and supporting independent advisors,” said Jim Virtue, President and COO of PPI, “while the PPI Benefits team will have a wonderful opportunity for growth and new challenges with AGA.”
About AGA Benefit Solutions
AGA Benefit Solutions is the Quebec leader in the development and administration of customized group insurance plans, and also specializes in group retirement plans. With this merger, it is becoming one of Canada’s leading benefit providers. Founded more than 40 years ago, AGA Benefit Solutions serves more than 2,500 clients, supports nearly 100,000 members with the management and adjudication of their claims, and boasts $370 million in premiums and $320 million in group retirement assets under management. To find out more, visit aga.ca.
Founded in 1981, Novacap is a leading Canadian private equity firm with CA$8 billion of AUM that has invested in more than 100 companies and completed more than 150 add-on acquisitions. Applying its sector-focused approach since 2007 in TMT, Industries and now Financial Services, Novacap’s deep domain expertise can accelerate company growth and create long-term value. With experienced, dedicated investment and operations teams as well as substantial funding, Novacap has the resources and knowledge to build world-class businesses. Novacap has offices in Brossard, Quebec and Toronto, Ontario. To find out more, visit novacap.ca.
PPI connects advisors and their clients with what they need to achieve leading-edge financial solutions. As an insurance marketing organization, PPI offers actuarial, tax and specialized expertise in all aspects of life insurance, and specifically in its design and custom application. Since 1978, PPI has delivered the calibre of estate planning and technical support for advisors that helps Canadians to plan ahead for a secure future.
Martin Papillon is a Fellow of the Canadian Institute of Actuaries and holds an MBA from HEC Montréal. Throughout his career, he has been working in the group insurance and retirement sector. Before joining AGA in 2013, he held advisory and senior management positions with world-class consulting actuarial firms.
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