Great-West Lifeco announced Aug. 24 that its European subsidiary, The Canada Life Group, has reached a deal to acquire financial services provider Retirement Advantage.
Based in the U.K., Retirement Advantage was created in 2015 when funds managed by TDR Capital LLP merged the retirement income and equity release divisions of MGM Advantage and Stonehaven. The company has over 30,000 pension and equity release customers, and more than C$3.212 billion of assets under management including a C$2.409 billion block of in-force annuities as of June 30, 2017.
Reaffirms commitment to the United Kingdom
"This transaction reaffirms our organization's commitment to the United Kingdom and will further strengthen Canada Life's position as a leading insurer in the U.K.," said Paul Mahon, President and Chief Executive Officer of Great-West Lifeco.
Terms of the transaction were not disclosed. It is expected to close in Q4 2017.