Canada Life Re, a provider of reinsurance solutions for life and health, has agreed a long-term funding arrangement with Spry Finance, which is set to re-finance the the Irish-owned company’s existing loan book and provide funding of up to €100 million for future lending.
Spry Finance, the retail arm of Seniors Money Ireland and the only provider of lifetime loans in the Irish market, has witnessed significant success since its relaunch in 2021 and this new funding agreement with Canada Life Re is a signal validation of its strategy and a firm idea of what its business model will look like for the future.
“Spry is a customer-focused company, providing older Irish people (60+) with real options for living longer, better. A lifetime loan allows them to release value in their home – without having to sell it or move out – by borrowing a lump sum secured on the property,” commented John Moriarty, Director and spokesperson for Spry Finance.
He continued: “We’ve enabled more than 750 Irish customers to release equity from their homes – for a range of purposes including home and lifestyle improvements, a cash fund for emergencies, repaying a mortgage, or providing a gift to their family.
“Our arrangement with Canada Life Reinsurance supports our ambition to grow the Spry Finance business in Ireland and develop the Irish market for lifetime loans, inspired by growth in other markets such as the UK.”
Jeff Poulin, CEO of Canada Life Reinsurance, added: “We are delighted to finalise our long-term funding arrangement with Spry Finance. The scale of this investment demonstrates Canada Life Reinsurance’s commitment to our relationship with Spry Finance and our confidence in the Irish market.”
In December 2022, Canada Life Re entered into a structured mortality transaction with Allianz Indonesia, expanding the company’s footprint in Asia.
