Canada Life has agreed to sell its’ individual onshore protection business to Countrywide Assured plc, a subsidiary of Chesnara plc. Around 47,000 customer policies will transfer subject to the completion of a court-approved Part VII transfer and follows the announcement from Canada Life that it closed its’ onshore individual protection to new business in November 2022.
Tim Stoves, Managing Director, Protection, Canada Life said:
“We’re proud to have found a good home for our onshore individual protection customers, and know we have chosen the right partner with Countrywide Assured plc, a subsidiary of Chesnara plc, due to their experience, high standards of customer support and focus on prioritising good customers outcomes.
“Our agreement will provide certainty for our customers, who will be assured that their policy will remain in safe hands, with all policy terms and conditions honoured as part of the proposed transfer.
“We continue to focus on our international (offshore) protection business and our market leading position in group protection, supporting our base of 3 million employees and continuing to invest and innovate. Recent proposition developments include the introduction of MyStrength and a first to market in the group space, Toothfairy.”
Canada Life remains committed to protecting its market leading position in group protection, building a customer-led lifetime wealth business which includes other areas of insurance including home finance, annuities and international (offshore) protection.
Onshore individual protection customers' policies are expected to transfer to Countrywide in 2024, subject to the completion of a court-approved Part VII transfer.
Canada Life UK will continue to support customers, honouring existing contractual obligations, and paying claims in line with the usual processes.
ENDS
Enquiries:
Press enquiries should be directed to:
Paul Keeble, Canada Life, 07833 085387, Paul.Keeble@canadalife.co.uk
About Canada Life:
Canada Life is part of a group of companies controlled by Great-West Lifeco Inc., a diversified financial services holding company headquartered in Winnipeg, Canada. Through its subsidiary companies, Lifeco has operations in Canada, the United States, and Europe. Great-West Lifeco and its insurance subsidiaries have received strong ratings from major rating agencies. Great-West Lifeco has over 30 million customers worldwide and £1.341 trillion assets under administration (as at 31.12.21).
Canada Life Limited began operations in the United Kingdom in 1903 and looks after the retirement, investment and protection needs of individuals and companies alike.
Canada Life Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Registered in England and Wales no. 973271. Registered office: Canada Life Place, Potters Bar, Hertfordshire EN6 5BA. Canada Life Platform Limited, trading as Canada Life, is a subsidiary of The Canada Life Group (UK) Limited, and is authorised and regulated by the Financial Conduct Authority. Registered in England and Wales no. 8395855. Registered office: Canada Life Place, Potters Bar, Hertfordshire EN6 5BA.
Stonehaven UK Limited, trading as Canada Life, is a subsidiary of The Canada Life Group (U.K.) Limited. Authorised and regulated by the Financial Conduct Authority. Registered in England and Wales. Registered number: 05487702. Registered office: Canada Life Place, Potters Bar, Hertfordshire, EN6 5BA.