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Great-West Lifeco unit acquires Financial Horizons Group

The Great-West Life Assurance Company, a subsidiary of Great-West Lifeco, has closed its acquisition of Financial Horizons Group, a participant in the independent Managing General Agency (MGA) sector of the Canadian market.

The transaction, whose terms have not been revealed, will be earnings accretive, though it does not make an impact to the overall Canadian earnings.  

Great-West Life Canada president and COO Stefan Kristjanson said: “As part of our Canada transformation, we are committed to investing in new capabilities for our business.

“This strategic acquisition gives our organization a strong presence in the growing independent MGA sector of the Canadian market.”

Kristjanson said that Great-West Life values the independence of Financial Horizons Group and the firm will continue to operate with its own governance processes and board of directors.

The existing management team at Financial Horizons Group will remain in place and continue running the business under the leadership of current President and CEO, John H. Hamilton.