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Canada Life acquisition of Legal & General International - Ireland Limited

Great-West Lifeco Inc. today announced that its European subsidiary, Canada Life Group, has completed its previously announced acquisition of Legal & General International (Ireland) Limited (LGII). Terms of the transaction were not disclosed.
 
 
Launched in 2007, LGII was a subsidiary of the Legal & General Group Plc and is based in Dublin, Ireland, a country with a leading international financial services centre. LGII provides quality investment and wealth management solutions, primarily focused on the UK high net worth market and has over 4,300 UK investment bond policies with assets under administration of £2.7bn (as at 31 March 2015).
 
 
LGII will now trade as Canada Life International Assurance (Ireland) (CLIAI).
 
 
“Canada Life is a highly regarded investment bond provider and has been selling into the United Kingdom for over 28 years both from within the UK, as well as through its companies based in the Isle of Man and, more recently, in Dublin,” said Paul Mahon, President and Chief Executive Officer of Great-West Lifeco.
 
 
Sean Christian, Executive Director Offshore, Canada Life commented: “I am pleased to announce the appointment of Tom Kenny as Managing Director of CLIAI. Tom has been instrumental in the growth and development of the LGII business as its Chief Financial Officer.”
 
 
Tom Kenny, Managing Director, CLIAI: “I’m delighted to be joining the Canada Life group of companies and look forward to working together for continued success in the offshore market.”
 
 
The transaction will not have a material impact on Great-West Lifeco’s financial results.
 
About Canada Life
Canada Life is part of a group of companies owned by Great-West Lifeco Inc., a diversified financial services holding company headquartered in Winnipeg, Canada. Great-West Lifeco and its insurance subsidiaries have received strong ratings from major rating agencies.
 
Canada Life began operations in the United Kingdom in 1903 and looks after the retirement, investment and protection needs of individuals and companies alike. The company offers protection, life cover, critical illness cover, and whole of life cover for groups and individuals; and retirement income planning, annuities, pension bonds, savings and investments, investment bonds, estate planning, and offshore investments. The company is based in Potters Bar, United Kingdom. In addition to its UK based operations, Canada Life provides an extensive range of wealth management solutions into the UK through its offshore companies, Canada Life International Limited (CLI) and CLI Institutional Limited (CLII) both based in the Isle of Man, and Canada Life International Assurance Limited (CLIA), based in Dublin. CLI was established in 1987. The Isle of Man is recognised for its stable government, strong regulatory controls and policyholder protection measures. Canada Life’s offshore businesses receive exceptional ratings from specialist and independent agencies in relation to financial strength, unit-linked business and commitment to service. For more information on Canada Life, please see www.canadalife.co.uk.
 
About Great-West Lifeco
Great-West Lifeco Inc. (TSX:GWO) is an international financial services holding company with interests in life insurance, health insurance, retirement and investment services, asset management and reinsurance businesses. Great-West Lifeco has operations in Canada, the United States, Europe and Asia through Great-West Life, London Life, Canada Life, Irish Life, Great-West Financial and Putnam Investments. Great-West Lifeco and its companies have over C$1.2 trillion* in consolidated assets under administration and are members of the Power Financial Corporation group of companies.
 
* Assets as of March 31, 2015