TORONTO - Canada Life Financial Corp. on Monday announced that its U.K. division has a deal to buy the group life and long-term disability insurance business of London's Royal and SunAlliance Insurance Group PLC for $93.3 million.
The purchase would involve transferring more than 11,000 policies, covering 1.5 million members. Last year the business collected about $282.5 million of premiums. It employs approximately 180 people, all of whom would be retained.
The transaction is expected to close by Oct. 1.
