Canada Life International’s (CLI) new purpose-built corporate headquarters at Ballacottier Business Park, on the outskirts of Douglas, will be officially named today as Canada Life House.  The naming ceremony will be performed this evening by The Chief Minister, Hon Allan Bell MHK.

The business has had a long-term presence on the Isle of Man, dating back to 1987. Canada Life International, or Albany International as it was originally called, began in Castletown in 1987 with five staff, occupying the top floor of the old St Mary’s church in Castletown Square and taking over the whole building a few years later as the business grew.  In 2000 the business outgrew St Mary’s and expanded into a second office: Canada Life House on Alexandra Road.  At the end of 2010 the company exited St Mary’s and moved into Mill Court while retaining Canada Life House.  The company now employs close to 150 staff and administers approximately ?9.5bn of assets.

Sean Christian, CLI’s Managing Director commented:

“This exciting day for the business is also a clear demonstration of our long-term commitment to the Isle of Man and to the offshore bond market.  We’ve received fantastic support from the local community over many years which has allowed Canada Life International to make the Island our home.  In return we always aim to be a positive force in the local community, from supporting charity events to sponsoring local clubs and organisations.

“Castletown has been a great home for the business over the last 28 years and our initial intention was to find alternative premises within the town.  It became apparent that opportunities for purpose-built office accommodation in and around Castletown were limited which ultimately led to our relocation to Douglas.  Our offshore business has witnessed remarkable growth in recent years and moving into the first class facilities at Ballacottier Business Park is the latest stage in our expansion plans.

“We are proud to offer one of the broadest ranges of investment, estate planning and protection solutions to UK investors.  We continue to be the only company offering advisers and their clients a choice of three different life companies across two jurisdictions – two in the Isle of Man and one in Dublin.  Our Dublin operation is about to increase in size and scale following our recent announcement of the imminent acquisition of Legal & General International.  Our Dublin based business will be an ideal complement to the business we have successfully built up on the Isle of Man over the past 28 years.”