Great-West Life Assurance Co.’s European subsidiary the Canada Life Group Ltd. is acquiring financial services provider Retirement Advantage.
Based in Britain, Retirement Advantage was created in 2015 when funds managed by TDR Capital LLP merged the retirement income and equity release divisions of MGM Advantage Life Ltd. and Stonehaven Equity Release. The company has more than 30,000 pension and equity release customers, and more than two billion pounds ($3.2 billion) of assets under management.
“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 at Great-West Life, in a news release.
Craig Fazzini-Jones, group chief executive at Retirement Advantage, noted the acquisition is an endorsement of the business plan it adopted following the 2014 British pension reforms. “As we join Canada Life, we will be well positioned to build upon that success and provide greater retirement protection for our customers.”
The transaction, which is expected to close in the fourth quarter of 2017, is subject to customary regulatory approvals and certain closing conditions.