WINNIPEG, Manitoba Great-West Life Assurance Co. in Winnipeg has completed a reorganization that transfers ownership of Great-West Life and Annuity Insurance Co. in Greenwood Village, Colo., to a new subsidiary in Greenwood Village: GWL&A Financial Inc.
The reorganization was completed Dec. 31 and is part of an effort to establish distinct operations in the United States and Canada, said Mitchell Graye, executive vice president and chief financial officer of the Colorado company.
Under the old structure, the U.S. subsidiary was subject to Canadian as well as U.S. regulations, which necessitated higher levels of capital, Mr. Graye said.
The reorganization will not affect client benefits, costs, or services, he said.
Great-West Life and Annuity serves more than 3.7 million Americans and has assets of $28 billion. It focuses on defined-contribution retirement services, with an emphasis on public and nonprofit groups and the self-funded medical business.
GWL&A Financial Inc. and Great-West Life Assurance are subsidiaries of Great-West Lifeco Inc.