Canada Life Reinsurance strengthens focus on structured reinsurance; ceases new business for U.S. traditional mortality risk reinsurance Français
BLUE BELL, Pa., June 25, 2025 /CNW/ - Today, Canada Life Reinsurance, a wholly owned subsidiary of Great-West Lifeco Inc. (TSX: GWO) ("Lifeco") announced some changes to its business strategy. Canada Life Reinsurance will cease new business for its US traditional life mortality risk reinsurance line of business ("U.S. Trad Life"). A key motivation behind this decision is increasing the resources devoted to the structured reinsurance market. Canada Life Reinsurance will continue to focus on providing capital and reserve financing solutions for companies in a wide variety of product lines and geographic locations.
For current US Trad Life clients with treaties open for new business, the company will provide notices to terminate new business effective December 31, 2025. The company will work closely with existing clients to provide a smooth transition process for both facultative and automatic new business. Canada Life Reinsurance will continue to manage, process and support all inforce business and clients.
"This carefully considered decision will allow Canada Life Reinsurance to focus on our core markets of structured solutions, longevity reinsurance and Catastrophe retrocession," said Jeff Poulin, Executive Vice-President, Reinsurance. "With a large U.S. Trad Life inforce block to manage, our clients will be expecting the same high levels of service that we have been providing. We remain committed to meeting our clients' expectations."
About Canada Life Reinsurance
Canada Life Reinsurance offers a range of innovative risk and capital management solutions. Operating primarily in the U.S., Barbados, Bermuda and Ireland, the company provides reinsurance to other reinsurers to allow those companies to manage their reinsurance risk. The product portfolio offered includes life, annuity/longevity, mortgage surety and property catastrophe reinsurance, provided on both a proportional and non-proportional basis.
Canada Life Reinsurance is a division of The Canada Life Assurance Company and certain of its subsidiaries and affiliates. The Canada Life Assurance Company is a subsidiary of Great-West Lifeco Inc. and a member of the Power Financial Corporation group of companies.
About Great-West Lifeco Inc.
Great-West Lifeco is a financial services holding company focused on building stronger, more inclusive and financially secure futures. We operate in Canada, the United States and Europe under the brands Canada Life, Empower and Irish Life. Together we provide wealth, retirement, workplace benefits and insurance and risk solutions to over 40 million existing customer relationships. As of December 31, 2024, Great-West Lifeco's total client assets exceeded $3 trillion. Great-West Lifeco trades on the Toronto Stock Exchange (TSX) under the ticker symbol GWO and is a member of the Power Corporation group of companies. To learn more, visit greatwestlifeco.com.
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