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Currency Events

Major Players Continue to Takeover the Industry

In case you missed it, another insurance related ‘currency event’ was printed in the Waterloo Region Record. The headline reads “Great-West Lifeco to purchase Ireland’s top insurance group”. The article written by John Woods goes on to explain that “Great West Life (GWL) will acquire Irish Life Group (ILG) for 1.75 billion from the Government of Ireland”.

gwl

GWL has been in the industry for over 100 years, and is known as a major player in Canada, but it also has operations based through its subsidiaries in the United Kingdom, Isles of Man, Ireland, and Germany. Like GWL, “Irish Life provides life insurance, pension management, and investment services” and to add to that ILG boasts “more than one million customers-including about 800,000 individual policy holders”. Great West Life president and CEO Allen Loney said Tuesday that “The acquisition of Irish Life is transformational for our companies in Ireland.”

With this purchase, Great West Life will become the leading provider of life insurance, pension, and investment services in Ireland.

On the topic of investment services, don’t forget that the RRSP contribution deadline for this fiscal year is March 1st.

Tyler Brown – Financial Security Advisor
tylerb@riskman.ca
WP: (519) 648-9580
CP: (519) 212-9859
FX: (519) 489-2740
http://www.riskman.ca
244 Woolwich St. South, Unit #1 ~ P.O. Box 261 Breslau, ON ~ N0B 1M0

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