Industrial Alliance acquires L'Excellence Life Insurance

On January 31, 2008, Industrial Alliance Insurance and Financial Services Inc. completed its previously announced acquisition of all the shares of the holding companies controlling L'Excellence Life Insurance Company ("L'Excellence"), a company specializing in individual disability and health insurance, as well as the brokerage companies with which L'Excellence is associated: Michel Rhéaume & Associés and Beaulne & Rhéaume Assurance Ltée. This transaction gives Industrial Alliance an entryway for its development in the individual disability and health insurance sector.

This $66 million transaction was partially financed in cash and partially through the issuance of common shares of Industrial Alliance.

Industrial Alliance was advised in this acquisition by Fasken Martineau with a team that included Jean G. Morency, Marie-Carole Tétreault and Jean-François Hébert.