Monetary supplier Canada Life is to promote its particular person onshore safety enterprise to Countrywide Assured, a division of consolidator Chesnara Plc, for an undisclosed sum.
Round 47,000 buyer insurance policies will switch to Countywide, topic to completion of a court-approved switch.
The strikes follows Canada Life’s determination to shut its onshore particular person safety arm to new enterprise in November 2022.
Countrywide is a subsidiary of European life and pensions consolidator Chesnara. The corporate has expanded by shopping for books of enterprise in recent times, together with Sanlam Life & Pensions UK in April final 12 months.
Chesnara administers about 1 million life and pensions insurance policies for policyholders; 272,000 within the UK, 316,000 in Sweden and 415,000 within the Netherlands.
Countrywide Assured offers monetary safety together with pensions, financial savings, life cowl and important sickness. The agency’s preliminary portfolio supplied the inspiration for the launch of Chesnara plc in 2004.
Canada Life says it stays dedicated to different enterprise areas within the UK, together with group safety, wealth and different areas of insurance coverage, together with house finance, annuities and offshore safety.
Onshore particular person safety prospects’ insurance policies are anticipated to switch to Countrywide in 2024, topic to the completion of a court-approved Half VII switch.
Canada Life UK says it can proceed to assist prospects, honouring present contractual obligations and paying claims.
Tim Stoves, managing director, safety, Canada Life, mentioned: “We’re proud to have discovered a very good house for our onshore particular person safety prospects, and know we’ve chosen the precise companion with Countrywide Assured plc as a consequence of their expertise, excessive requirements of buyer assist and concentrate on prioritising good prospects outcomes.
“Our settlement will present certainty for our prospects, who can be assured that their coverage will stay in secure palms, with all coverage phrases and situations honoured as a part of the proposed switch.”