Industrial Alliance completes mergerA merger was recently completed between Industrial Alliance Insurance and Financial Services Inc. and Industrial Alliance Pacific Insurance and Financial Services Inc., which is intended to position the company - which employs thousands of people and administers billions in assets - for cost savings.

The merger had been previously announced, but was recently made official. Industrial Alliance Pacific operations are currently headquartered in Vancouver.

The completed merger was made effective on June 30, 2012, and will now place the Industrial Alliance Pacific operations under the Industrial Alliance umbrella. The company will continue offering services in individual insurance, wealth management, creditor insurance and extended warranties.

The company's regulatory compliance will be consolidated with integration of the Vancouver-based subsidiary, giving the company a more efficient structure for capital management.

Industrial Alliance was founded in 1892 and now employs 4,200 people in addition to managing and administering more than $75 billion in assets.

A.M. Best recently assigned a debt rating of bbb+ to some preferred shares of Industrial Alliance Insurance and Financial Services Inc. stock, stating the rating is stable and in keeping with other stock ratings related to the company.
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