Canada Life Reinsurance, a wholly owned subsidiary of Great-West Lifeco Inc., announced changes to its business strategy June 25, saying it plans to cease doing new business in its U.S. traditional life mortality risk reinsurance line of business.
The announcement says the company plans to redeploy those resources to increase the resources it has dedicated to the structured reinsurance market.
“This carefully considered decision will allow Canada Life Reinsurance to focus on our core markets of structured solutions, longevity reinsurance and catastrophe retrocession,” Jeff Poulin, CEO of Canada Life Reinsurance, said in a statement.
The company, which operates primarily in the U.S., Barbados, Bermuda and Ireland, adds that it will continue to manage its in-force business in the U.S. traditional life mortality risk reinsurance line. “We remain committed to meeting our client’s expectations,” Poulin adds.
Current clients with treaties open for new business will receive notices terminating new business, effective December 31, 2025.
