WATERLOO, Ontario Clarica Life Insurance Co. said that it will buy Royal Bank of Canadas retirement services business for $29.5 million.
The purchase would give Clarica a 16% market share in defined contribution plans. The deal involves pension plans sold on a group basis, group retirement savings and profit-sharing plans, stock purchase plans, and option plans.
Claricas assets under administration for group retirement services would rise to $5.7 billion with the addition of Royals $2 billion.
