Canadian insurer completes acquisition of $5.3 billion firm

by Will Ashworth02 Jul 2015
Great-West Lifeco’s European subsidiary, Canada Life Group, completed its previously announced acquisition of Legal & General International (Ireland) Limited (LGII).

"This transaction enhances Canada Life's position in the UK, and gives clients and professional advisers further confidence in our UK business," said Paul Mahon, President and Chief Executive Officer of Great-West Lifeco.

In yet another example of a Canadian insurer venturing into the wealth management space, Canada Life’s acquisition of LGII, with AUM of $5.3 billion, provides Great West with quality investment and wealth management solutions, primarily focused on the UK high net worth market.

This follows hot on the heels of Sun Life’s acquisition of premier real estate investment manager Bentall Kennedy.

Canada’s major insurers have ventured into the wealth management space, chiefly to counter the tough current economic and regulatory environment threatening insurance.

Terms of Canada’s life acquisition of LGII were not disclosed.