Industrial Alliance Insurance and Financial Services, the Quebec-based insurance company, has signed a deal with MD Physician Services to acquire the individual life insurance portfolio of MD Life Insurance Company.

The pricetag of the deal, announced on November 13, was not revealed.

MD Life sells life insurance and annuity products to Canadian doctors. It is 55 per cent owned by MD Physician Services, a company owned by the Canadian Medical Association, and 45 per cent by Industrial Alliance.

The acquired life insurance portfolio contains more than 8,600 policies and riders, which generated $62 million in premium income in 2008.

The acquired policies are already administered by Industrial Alliance.