The company has also hired Richard Priestly as executive director within its retirement income division.
At Aviva, Towers was life & pensions managing director and previously held various leadership and business development roles in the UK, Ireland and the Isle of Man with Prudential, Abbey National and Scottish Provident. He has also been president of the Irish Insurance Federation.
Towers will now be responsible for “the leadership and further development” of Canada Life’s onshore and offshore wealth management businesses, including Isle of Man based Canada Life International.
Ian Gilmour, chief executive of Canada Life, said: “Canada Life has seen strong growth in sales of its accumulation and income offerings in the pre and post retirement markets and we have ambitions to become even more successful. The appointment of Peter Towers and Richard Priestley to spearhead our growth plans signals our intent and they will be instrumental in exploring a range of exciting new opportunities.
“Our products, service and technical expertise are highly regarded by advisers and with this announcement we are making it clear that our strategy is to continue to build on our success to date and to take this to the next level.”