Canada Life takes over L&G’s Dublin-based offshore business

Legal and General has offloaded its Dublin-based offshore business, L&G International, to Canada Life Group for an undisclosed sum.

Launched in 2007, the unit was a subsidiary of L&G, based in Dublin. It provides investment and tax planning solutions, primarily focused on the UK high net-worth market.

The business has more than 4,300 UK investment bond policies, with assets under administration of £2.7bn as at 31 March 2015.

Sean Christian, executive director offshore of Canada Life, said he had appointed Tom Kenny as managing director of CLIAI.

Mr Kenny was chief financial officer of the business when it was owned by L&G.

Paul Mahon, president and chief executive officer of Canada Life and owner of Great-West Lifeco, stated: “Canada Life is a highly regarded investment bond provider and has been selling into the UK for over 28 years both from within the UK, as well as through its companies based in the Isle of Man and, more recently, in Dublin.”