Insurer Canada Life has agreed to sell its individual onshore protection business to Countywide Assured after it quit the individual protection market last November.
The sale, which was announced today (16 May), is subject to the completion of a court-approved Part VII transfer.
It will see around 47,000 customer policies transferred to Countywide Assured, a subsidiary of Chesnara. The insurer is expected to complete the transfer in 2024.
Canada Life managing director, protection Tim Stoves said: “We’re proud to have found a good home for our onshore individual protection customers, and know we have chosen the right partner with Countrywide Assured, a subsidiary of Chesnara, due to their experience, high standards of customer support and focus on prioritising good customers outcomes.
“Our agreement will provide certainty for our customers, who will be assured that their policy will remain in safe hands, with all policy terms and conditions honoured as part of the proposed transfer.
“We continue to focus on our international (offshore) protection business and our market leading position in group protection, supporting our base of three million employees and continuing to invest and innovate. Recent proposition developments include the introduction of MyStrength and a first to market in the group space, Toothfairy.”
Last November, Canada Life made a shock announcement that it was exiting the individual protection market to focus on other priorities.
The insurer did not give reason for the exit but experts speculated that it was a tough sector battered by the squeeze on people’s incomes.
