Canada Life Group has completed the takeover of annuity specialist Retirement Advantage following the deal’s announcement last August.
It said the acquisition, the terms of which were not disclosed, created a strong platform for growth in the retirement income and equity release markets.
The deal sees Canada Life add more than 30,000 pension and equity release customers to its books.The firm’s assets under management increase by £2bn, including Retirement Advantage’s £1.5bn in-force annuity book.
Canada Life UK chief executive officer and executive vice-president Doug Brown said: “With the acquisition of Retirement Advantage, we are well positioned to build on our combined skills and experience to become a leader in the broader retirement market.”
Retirement Advantage chief executive Craig Fazzini-Jones will be joining Canada Life U.K. as its chief operating officer.
He said: “We join Canada Life at an exciting time as the retirement market continues to evolve. With ambitious plans, innovative products and a financially strong parent we are in a good position to support advisers and help their clients while delivering value to the Canada Life group.”
Both companies will continue to operate as usual as Retirement Advantage is integrated into Canada Life. Great-West Lifeco wholly owns Canada Life Group UK.