MCCARTHY: BMO, AIG INTEGRATION SEAMLESS

It's been a year since BMO acquired AIG Life of Canada and going by what Peter McCarthy, president and CEO, BMO Life Assurance Company, has to say, it is a marriage made in heaven.


"It's been a very good acquisition both for the bank and for those of us at the insurance company," says McCarthy. "Insurance is one of the pillars of a good financial plan, protecting your assets and protecting your families."


He says the difference between the two organizations lies mainly in their respective cultural backgrounds.


"Both companies were large international companies operating across the world. In this marketplace the scrutiny of public companies is high, so while there was a cultural difference - mostly American versus Canadian as opposed to corporate – I'd say it was much more similar than you would imagine," he said.


The adjustment, he says, "has been very good" and the "acquisition enjoyed a very high support throughout BMO."

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Advisor.ca
Vikram Barhat
April 22, 2010