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.