Canada Life Group, the European subsidiary of Great-West Lifeco, has struck an agreement to acquire Legal & General International, the Dublin-based offshore business of Legal & General.
The sale forms part of LGII is part of the Legal & General’s ongoing disposal programme of its peripheral assets. The sale terms have not been disclosed yet.
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The transaction, scheduled to close in the second quarter of 2015, is subject to regulatory approvals and certain closing conditions.
The 2007-founded Legal & General International comprises over 4,000 UK offshore bond policies and manages £2.5bn in assets under administration as of October 2014.
The business provides investment as well as tax planning solutions, primarily focused on the UK high net worth market.
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