Following a strategic review of the proposition and the market, and a “thorough selection process”, Canada life said today (23 December) it has agreed to transfer its onshore bond business to Chesnara plc.
The move follows the announcement from Canada Life that it closed its onshore bond proposition to new business in January 2024.
The transfer is subject to regulatory approval and FSMA Part VII court proceedings, which are expected to complete by the end of 2025.
Sean Christian (pictured), managing director for Wealth at Canada Life UK, said: “We are delighted to partner with Chesnara plc. on the sale of Canada Life’s onshore bond business.
“They have strong existing expertise in the onshore bond market, and we are confident they have high standards of customer service and a commitment to delivering good customer outcomes that will support the future needs of our customers and their advisers.
“This represents an important milestone in Canada Life’s transformation journey and will enable us to strengthen our focus on our core markets.
“The international bond market continues to be a strategic focus for the organisation, and our recent A (Superior) rating by AKG demonstrates our commitment and growing capability in this area.”
