Canada Life to acquire Retirement Advantage

The UK Canada Life Group has reached an agreement to acquire Retirement Advantage.

Related topics:  Retirement
Rozi Jones
24th August 2017
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"This transaction enhances our position and broadens our product suite to include equity release mortgages."

The terms of the transaction have not been disclosed. The transaction is expected to close in Q4 2017 and is subject to regulatory approval which is likely to take between three and six months, during which time it will be business as usual for the companies.

Retirement Advantage was created in 2015 when funds managed by TDR Capital LLP merged the retirement income and equity release divisions of MGM Advantage and Stonehaven. The company has over 30,000 pension and equity release customers, and more than £2 billion of assets under management including a £1.5 billion block of in-force annuities (as of 30 June 2017).

Doug Brown, Executive Vice-President and Chief Executive Officer, Canada Life U.K., said: “Canada Life has operated in the UK since 1903 and is a highly regarded provider of retirement income, investment and employee protection solutions. This transaction enhances our position and broadens our product suite to include equity release mortgages."

Craig Fazzini-Jones, Group Chief Executive of Retirement Advantage, said: “This acquisition is a positive endorsement of the business plan we adopted following the UK pension reforms announced in 2014 that transformed our business and drove the creation of innovative retirement solutions. As we join Canada Life, we will be well positioned to build upon that success and provide greater retirement protection for our customers.”

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