LGII will now be called Canada Life International Assurance (Ireland) (CLIAI), headed by former LGII chief financial officer Tom Kenny as managing director.
Sean Christian, executive director offshore for Canada Life, said Kenny had been “instrumental in the growth and development of the LGII business”.
Mark Armstrong, who has been managing director of Canada Life International Assurance, will be “playing a leading role in the ongoing integration assisting Tom Kenny before returning to a strategic focused role based on the Isle of Man”, the company said.
Launched in 2007, LGII was a subsidiary of the Legal & General Group mainly focused on the UK high net worth market, and has over 4,300 UK investment bond policies with assets under administration of £2.7bn (as at 31 March 2015).
“Instrumental in the growth and development of the LGII business”
The transaction was part of L&G’s focused strategy to dispose of its peripheral assets and fitted Canada Life International’s strategy to expand its Dublin base and market share of the offshore bond market into the UK.
Canada Life, which has had an office in the Isle of Man for 28 years, added the Dublin presence in May 2013.
Paul Mahon, president and chief executive officer of parent company Great-West Lifeco, said Canada Life had been selling investment bonds into the UK “for over 28 years both from within the UK, as well as through its companies based in the Isle of Man and, more recently, in Dublin”.