Canada Life has agreed to sell its individual onshore protection business to Countywide Assured, a subsidiary of Chesnara.
An estimated 47,000 customer policies will transfer subject to the completion of a court-approved Part VII transfer.
The move follows the announcement from Canada Life that it closed its onshore individual protection to new business in November 2022.
Canada Life said it remains committed to protecting its position in group protection, building a customer-led lifetime wealth business which includes other areas of insurance, including home finance, annuities and international, or offshore, protection.
Managing director, protection at Canada Life, Tim Stoves, said: “We’re proud to have found a good home for our onshore individual protection customers, and know we have chosen the right partner with Countrywide Assured, a subsidiary of Chesnara, due to their experience, high standards of customer support and focus on prioritising good customers outcomes.
“Our agreement will provide certainty for our customers, who will be assured that their policy will remain in safe hands, with all policy terms and conditions honoured as part of the proposed transfer.
“We continue to focus on our international protection business and our market leading position in group protection, supporting our base of three million employees and continuing to invest and innovate.”
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