Canada Life International Re pursuing European acquisition

The reinsurer, a wholly owned subsidiary of Canada Life Financial Corporation, has signed a letter of intent to buy an “Irish domiciled reinsurer” – but details are still scarce

Canada Life International Re (Clir) is pursuing an acquisition in Ireland, according to an Irish Times report.

The reinsurer, whose main focus is Europe and the United States, has signed a non-binding letter of intent to buy “an Irish domiciled reinsurer. That letter was signed in December, according to the Irish Times. In April, when Clir signed off its accounts, the company said a “transfer of the reinsurance portfolio” was “more likely.”

When asked for an update, the company told the Irish Times that the deal was “ongoing and for confidentiality reasons we cannot comment further.”

Clir is effectively a sister company of Irish Life, since both are ultimately owned by Great-West Lifeco, according to the Irish Times. The company paid €19 million in corporation tax in Ireland in 2015. The company was incorporated as a wholly-owned subsidiary of Canada Life Financial Corporation in 2001. CLFC was in turn acquired by Great-West Lifeco in 2003. A decade later Great-West Lifeco acquired Irish Life for €1.3 billion, according to the Irish Times.

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