L&G sells offshore business to Canada Life
Legal & General (L&G) has sold its offshore business to Canada Life.
Legal & General International (Ireland) currently has over 4,000 UK offshore bond polices and assets under administration of £2.5 billion.
L&G is the latest UK life company to sell its offshore business. In November 2013 Royal London sold Royal London 360° to private equity group Vitruvian Partners.
In December 2014 Scottish Widows put its Clerical Medical International business up for sale.
Mark Gregory, L&G chief financial officer, said: ‘Legal & General International (Ireland) falls outside L&G’s focused strategy. This transaction is part of our ongoing disposal programme of our peripheral assets.’
Canada Life has bought the division for an undisclosed sum. The deal is subject to approval from the European Commission under EU merger regulation.
Paul Mahon, president and chief executive of Canada Life parent Great-West Lifeco, said the acquisition would boost the company’s UK offshore presence.
‘The proposed transaction will enhance the position of Canada Life in the UK, and give clients and professional advisers further confidence in our UK offshore business,’ he said.
