The Canada Life Group (U.K.) Limited has completed its previously-announced acquisition of innovative financial services provider Retirement Advantage, creating a strong platform for growth in the UK’s growing equity release and retirement markets. The terms of the deal were not disclosed.
Through the acquisition Canada Life will add over 30,000 pension and equity release customers to the company, as well as more than £2 billion of assets under management including a £1.5 billion block of in-force annuities.
Doug Brown, Executive Vice-President and Chief Executive Officer, Canada Life UK, said, “We’re delighted the acquisition of Retirement Advantage has been concluded. Canada Life holds leading positions in many of our chosen markets. With the acquisition of Retirement Advantage, we are well positioned to build on our combined skills and experience to become a leader in the broader retirement market.”
Paul Mahon, President and Chief Executive Officer of Great-West Lifeco, which wholly owns The Canada Life Group (U.K.) Limited, said: “This transaction strengthens Canada Life’s scale and capabilities in the growing United Kingdom retirement income market, and further strengthens Canada Life’s position as a leading insurer in the UK.”
Retirement Advantage’s Chief Executive Officer, Craig Fazzini-Jones, will be joining Canada Life U.K. as its Chief Operating Officer. Mr Fazzini-Jones, said: “We join Canada Life at an exciting time as the retirement market continues to evolve. With ambitious plans, innovative products and a financially strong parent we are in a good position to support advisers and help their clients while delivering value to the Canada Life group.”
Both companies will continue to operate as usual while work begins integrating Retirement Advantage into the Canada Life group.
About Retirement Advantage
Retirement Advantage is a well-established business with roots dating back to 1852. In 2015, the business rebranded and started trading as Retirement Advantage following the merging of the retirement income and equity release divisions (previously trading under the MGM Advantage and Stonehaven brands respectively), to help provide those who are in, at or approaching retirement with a range of simple, secure and flexible products to suit their needs.