22 July 2019 09:30
The boards of directors of three subsidiaries of Great-West Lifeco announced and accepted the plan of merger of one insurance company. The process is expected to conclude on January 1, 2020, affirms Great-West Lifeco.
Thus, Great-West, la London Life and Canada life, will be grouped under a single brand : The Insurance Company the Canada lifeor Canada Life.
“The transition to a single legal entity in the same sense that our move to a single brand and enable us to streamline our activities, focus more on our investments in technology and innovation, and to enhance the experience of advisors and policy holders,” says Paul Mahon, president and chief executive officer, Canada Life. The promises made to our customers in relation to the products they hold with each of the three companies will be held by the company resulting from the merger. “
Great-West Lifeco will continue to be the parent company of the new company. In addition, the current offices of the companies will be preserved after the collection thereof.
The extraordinary general meetings of policyholders will be organized and will enable the three companies to explain to their customers what are the benefits of the merger. “Policyholders will receive a circular explaining the situation and describing the expected benefits of the merger,” adds the Great-West Lifeco.