Securian Financial furthers Canadian expansion with Armour Group acquisition
Photo: The Armour Group offices are located at 495 Richmond Street
LONDON-BASED ARMOUR GROUP Inc., an insurance and warranty provider specializing in products for automobile dealers, recreational vehicle dealers and finance companies, has been acquired by the Canadian division of Securian Financial.
The deal was announced last week after closing on September 1. According to a press release issued by Securian Financial, the terms of the deal won’t be disclosed.
Securian Financial, headquartered in Minnesota, has already made several Canadian acquisitions — in 2017 it acquired Canadian Premier Life Insurance and Valeyo, while last year it bought Gerber Life Insurance’s Canadian businesses (yes, that Gerber Life Insurance from the commercials).
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“We see a bright future in Canada and will continue evaluating opportunities to grow our business in the country,” Securian’s CEO, Chris Hilger, said last year after the Gerber deal. “Canadian Premier has grown significantly since we acquired the company and this new book of business will accelerate that momentum.”
The Armour Group is another expansion into the insurance world, though markedly different than Gerber Life. If you’ve not heard of them, you’re not alone. Less consumer facing, Armour’s business consists primarily of insurance and warranty products for big-ticket vehicles — RVs, boats, snowmobiles, etc. Their business is targeted primarily at the dealerships rather than the end customer, and in addition to providing warranty and loan insurance systems, they also have a suite of systems to aid dealers in upselling.
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Armour Group will continue to operate from its offices at 495 Richmond Street in London, remaining under its current leadership.
“Our business in Canada is growing and we continue making strategic investments to accelerate our momentum in the country,” says Hilger. “The acquisition of Armour Group and access to its broad distribution network diversifies our revenue and gives us a natural opportunity to expand into attractive adjacent markets.” Kieran Delamont