Canada Life has reached an agreement to transfer its onshore bond business to Chesnara, following a strategic review of the proposition and the market.
The decision comes after Canada Life announced in January 2024 that it would close its onshore bond proposition to new business. The transfer marks the next step in Canada Life's reassessment of its offering in this area. The transaction remains subject to regulatory approval and Financial Services and Markets Act (FSMA) Part VII court proceedings. Completion is expected by the end of 2025. The transfer aligns with Chesnara's strategy of acquiring and managing life and pension businesses. Further details on the implications for policyholders are expected to be announced as the a...
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