Canada Life has announced the launch of Canada Life International Assurance Limited (CLIA), a new Dublin based life company designed to provide additional offshore tax-efficient solutions for UK investors.
The new company is a sister operation to Canada Life’s existing offshore operations, Canada Life International Limited (CLI) and CLI Institutional Limited (CLII) which are both based in the Isle of Man. CLIA has the same parent company in Great-West Lifeco and therefore also benefits from the financial strength and security this brings.
Sean Christian, Managing Director, CLI & CLII, commenting on the launch of the company, said:
“Our existing offshore proposition is built on providing advisers with flexible, innovative products, high quality service and a wide range of investment solutions. We have successfully gained the reputation over the last 25 years in the offshore bond market as not only establishing ourselves as a leading provider but also as the provider that offers the broadest range of choice to advisers and investors. Our products are linked to 23 platforms and 11 back-office systems rather than being restricted to one in-house platform. Our Estate Planning suite of products is undoubtedly the widest range in the market. This was recognised in the International Adviser offshore awards with CLI winning the Best Overall UK Product Range in 2010 and 2011. Up until now though we have not been able to offer advisers and their clients a jurisdictional choice of where they take their offshore bond from. The launch of CLIA out of Dublin, addresses this requirement and allows the Canada Life group to offer a complete end to end package of choice to the market.”
Canada Life has also announced that Mark Armstrong will lead the operation as Managing Director of CLIA. Mr Armstrong was previously Head of Operations at CLI and will continue to report to Mr Christian in his new role.
Mark Armstrong said: “Advisers and their clients are looking for a wide range of offshore investment solutions including a choice of Isle of Man and European bonds from providers with strong financial backing and with a long pedigree in this market. We are delighted to offer the Premiere Europe Account which is based on our award winning and popular Isle of Man Premiere Account offered by CLI. The Premiere Europe Account (and a discounted trust version) will be backed by published service standards as shown in our investment and estate planning service charter, a feature of our offering that has been valued by advisers for many years and which underpins our commitment to offer an unrivalled level of customer service.”
The international operation of Canada Life has witnessed significant growth since its inception in the Isle of Man in 1987. In 2011 the group reported a record year for new business, in excess of ?1.2bn of premium, giving it a market share of over 20% and total assets under administration of ?8.0bn (CLI and CLII combined) as at 31 December 2012.
