Canada Life has agreed to sell its individual onshore protection business to Countywide Assured plc, a subsidiary of Chesnara plc.
Around 47,000 customer policies will transfer when the deal is completed with the move following Canada Life’s closure of its onshore individual protection to new business in November 2022.
Canada Life added that it remained committed to protecting its position in group protection.
The individual protection customers’ policies are expected to transfer to Countrywide in 2024, subject to the completion of a court-approved Part VII transfer.
The insurer will continue to support customers, honouring existing contractual obligations, and paying claims in line with the usual processes.
Terms of the deal were not disclosed.
Tim Stoves, managing director, protection at Canada Life, 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 plc, a subsidiary of Chesnara plc, 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.”
