ALICO building, Waco’s American Amicable sold to Canadian company [Waco Tribune-Herald, Texas]

July 21--The sale of Waco-based American Amicable Group is complete, the new owner announced Tuesday.

The Canadian company Industrial Alliance Insurance and Financial Services Inc. paid $145.3 million to acquire American Amicable from the private equity firm Thoma Bravo.

Quebec City-based Industrial Alliance also has taken ownership of the landmark 22-story ALICO Building, which houses American Amicable.

American Amicable will operate as part of Industrial Alliance's subsidiary IA American Life Insurance Co.

The sale was announced April 28.

American Amicable president and CEO Lanny Peavy said Tuesday no changes are planned for the Waco group and its 115 employees.

Still, American Amicable, which was privately held, will become part of an organization that is publicly traded on the Toronto Stock Exchange under the symbol IAG.

It is the ninth time American Amicable has been sold since it was founded in 1910.

American Amicable deals only in life insurance. The group consists of four subsidiaries: American Amicable Life Insurance of Texas, Pioneer Security Life Insurance Co., Occidental Life Insurance Co. of North Carolina and Pioneer American Insurance Co.

About 6,000 agents sell American Amicable products in 49 states. The addition of the company to Scottsdale, Ariz.-based IA American is a major expansion of the company's presence in the U.S., according to an Industrial Alliance release.

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