Reinsurance News

Canada Life

Chesnara acquires Canada Life UK’s individual protection business

16th May 2023

Chesnara, a life and pensions consolidator in the UK and Europe, has announced its agreement to acquire the onshore individual protection line of business from Canada Life Limited (Canada Life UK). The transaction involves the transfer of life insurance and critical illness policies for nearly 47,000 customers to Chesnara's UK subsidiary, ... Read the full article

Canada Life set to expand wealth presence with IPC acquisition

4th April 2023

Canada Life, the subsidiary of Great-West Lifeco Inc., has unveiled an agreement to acquire Investment Planning Counsel Inc., an independent wealth management firm, from IGM Financial Inc. (IGM). With this acquisition, Canada Life is extending its wealth management reach and capabilities, promising to help advisors better meet the diverse and changing ... Read the full article

Canada Life Reinsurance announces mortality transaction with Allianz Indonesia

14th December 2022

Canada Life Reinsurance, a provider of reinsurance solutions for life and health, has entered into a structured mortality transaction with Allianz Indonesia, expanding its footprint in Asia. Under the agreement, Canada Life Reinsurance will provide protection against adverse mortality experience on a portfolio of credit life business. According to Gareth Dobson, who ... Read the full article

Canada Life Re appoints Wil Chong as Executive Advisor, Asia Pacific

24th October 2022

Canada Life Reinsurance has appointed Wil Chong as Executive Advisor, Asia Pacific. Within this role he will based in Singapore, where he will work closely with Canada Life Re to support the development of their reinsurance propositions and strengthen their engagement with clients in the Asia-Pacific region. Overall, Chong brings more than ... Read the full article

Canada Life Re & Zurich appointed in UK pension longevity swap extension

7th July 2022

The UBS (UK) Pension and Life Assurance Scheme is extending its longevity hedge by £0.5bn, and Mercer will continue to act as the lead commercial and investment adviser to the scheme’s Trustee. The Canada Life Assurance Company is acting as the reinsurer on the deal, which was arranged ... Read the full article

Canada Life secures £146mn bulk annuity deal with Smiths Industries

17th November 2020

Canada Life has secured their tenth bulk annuity purchase, a £146 million bulk annuity with the Smiths Group pension scheme. The £3 billion Smiths Industries Pension Scheme has secured the bulk annuity with Canada Life after the auction process was redesigned to accommodate the post-COVID-19 market conditions. The transaction was described as having taken ... Read the full article

Canadian Premier acquires Gerber Life Canadian policies

13th February 2020

Canadian Premier Life Insurance Company has entered into an agreement to acquire a block of Canadian life insurance business from U.S. domiciled Western & Southern Financial Group. The block of Canadian life insurance business is marketed under the Gerber Life brand and includes individual life insurance policies, primarily the Grow Up ... Read the full article

Aon secures eighth bulk annuities purchase across Smiths Group pension schemes

3rd July 2019

Global re/insurance brokerage Aon has now secured eight bulk annuities across the Smiths Group's two pension schemes, totalling approximately £1.6 billion. The £3 billion Smiths Industries Pensions scheme has secured its eighth bulk annuity purchase and its second with Canada Life. The new £176 million bulk annuity is part of a ... Read the full article

Canada Life completes largest bulk buy-in transaction to date

18th December 2018

Canada Life has completed a £625 million buy-in of the Reuters Pension Fund, making it the insurers’ largest ever deal. The transaction is the first in a framework of buy-in transactions for the scheme and covers the majority of pensioner liabilities in the £2.2 billion fund. “The magnitude of this deal reflects ... Read the full article