(Kingston, ON – November 8, 2019) – The Empire Life Insurance Company (“Empire Life”) (TSX: EML.PR.A) today announced it is investing in The Gryphin Advantage Inc. ("Gryphin") as a minority shareholder.
The Gryphin Advantage Inc. is a leading independent Managing General Agency based in southwestern Ontario that provides life insurance and investment products to Canadians through a network of 1,600 advisors. The company was founded in 1998 by Rod Millard who will continue to lead the firm.
“As consolidation continues to occur across our industry, companies are looking to maintain their leadership positions,” says Mark Sylvia, President and CEO of Empire Life. “We believe the best way to ensure advisors and consumers have choice is to have strong independent MGAs in the marketplace. Gryphin has a strong management team with a proven track record of revenue growth. As smart investment managers, we see this as an attractive investment opportunity.”
Rod Millard, President and CEO of The Gryphin Advantage Inc. says the agreement will allow his firm to continue to grow while maintaining full control over the firm’s daily operations. “Empire Life is a sound business partner and has a reputation for financial strength and a long-term focus. With a solid investor like Empire Life behind us, we are excited about Gryphin’s future growth while maintaining full independence.”
Both Sylvia and Millard agree it is a positive move for the independent advisor channel. “Our two companies share the same belief in and commitment to independent distribution, placing the highest value on the relationships we have with our advisors and the role advisors play in helping Canadians select the best financial products and solutions for their needs,” says Mr. Sylvia. “We have always supported our independent distribution partners and will continue to make investments to support existing independent MGA organizations who are interested in growing their business.”
About Empire Life
Established in 1923, Empire Life is a subsidiary of E-L Financial Corporation Limited. The Company’s mission is to make it simple, fast and easy for Canadians to get the investment, insurance and group benefits coverage they need to build wealth, generate income, and achieve financial security. As of September 30, 2019, Empire Life had total assets under management of $18.1 billion. Follow Empire Life on Twitter @EmpireLife or visit www.empire.ca for more information.
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Contact: Laurie Swinton
Director, Corporate Communications
613 548-1890, ext. 3374 laurie.swinton@empire.ca