Managing director of Canada Life International, Sean Christian, revealed the figure in an interview with international Adviser while discussing the details of the deal and the opportunities it brings.
He said the company’s goal is to be consistently the leading provider of offshore bonds in the UK and to achieve what “we believe a market share of at least 20% is required.”
“Based on the 12 months ended Q1 2015, the combined market share of both Canada Life and Legal & General International was 29%,” Christian said.
Christian also said that although its Dublin-based operation, set up in 2013, had been reasonably successful “we probably underestimated the length of time it would take to achieve panel positions with institutional firms”.
The new company is called Canada Life International Assurance (Ireland) and will be based in Abbey Street, Dublin.
The Dublin-based product proposition will be the International Portfolio Bond, previously offering through L&G International, and the Wealth Preservation Europe Account, previously available through Canada Life’s own Ireland business.
The transfer of the existing book of the Canada Life business in Dublin is expected to happen later this year, to facilitate the merger of the two companies by the end of the year.
