Canada Life Group buys L&G's offshore business

clock

Canada Life Group has reached an agreement to acquire Legal & General International (Ireland) Limited (LGII), its parent company Great-West Lifeco Inc announced.

LGII is a subsidiary of Legal & General Group based in Dublin, providing investment and tax planning focussed primarily on the UK high net worth market.

LGII has over 4,000 UK offshore bond policies with £2.5bn of assets under administration.

Mark Gregory, group chief financial officer at L&G, said: "LGII falls outside L&G's focused strategy. This transaction is part of our ongoing disposal programme of our peripheral assets."

The deal is expected to be finalised in the second quarter of 2015 and is subject to regulatory approval and Great-West Lifeco said it will not have a "material impact" on the insurer's financial results.

Paul Mahon, president and chief executive officer of Great-West Lifeco, said: "The proposed transaction will enhance the position of Canada Life in the UK, and give clients and professional advisers further confidence in our UK offshore business."

"Canada Life is a highly regarded offshore bond provider and has been selling into the UK for over 27 years through its offshore companies, based in the Isle of Man and, more recently, also based in Dublin."

More on Insurer

New non-exec director for ABI

New non-exec director for ABI

Sacha Romanovitch takes the role

Cameron Roberts
clock 04 November 2024 • 1 min read
Iress adds Zurich to The Exchange platform

Iress adds Zurich to The Exchange platform

Adopts ex-smoker questions

Jaskeet Briah
clock 24 October 2024 • 1 min read
IFoA names new CEO

IFoA names new CEO

Paul Lewis to take position

Jaskeet Briah
clock 18 October 2024 • 1 min read

Highlights

COVER Survey: Advisers damning of protection insurer service levels

COVER Survey: Advisers damning of protection insurer service levels

"It takes longer than ever to get underwriting terms"

John Brazier
clock 12 October 2023 • 5 min read
Online reviews trump price for young people selecting life and health cover

Online reviews trump price for young people selecting life and health cover

According to latest ReMark report

John Brazier
clock 11 October 2023 • 2 min read
ABI members with staff neurodiversity policy nearly doubles

ABI members with staff neurodiversity policy nearly doubles

Women within executive teams have grown to 32%

Jaskeet Briah
clock 10 October 2023 • 3 min read