Canada-based insurer commits to expansion in another country
Great-West Lifeco may have its roots in Winnipeg, Manitoba and be one of the largest insurers in Canada, but that hasn’t stopped it wanting to expand far beyond these borders.
The company has now taken another step in its expansion outside Canada by reaching an agreement for the acquisition of Aviva Health, a health insurance firm based in Ireland as well as increasing its 49 per cent share in GloHealth to 100 per cent. Together, GloHealth and Aviva Health will combine to form one of the leading health insurers in Ireland.
Speaking in a release, Paul Mahon, the CEO and president of Great-West Lifeco, outlined how the combined force will offer a wide selection of insurance products to in excess of 400,000 customers.
“As Ireland’s leading provider of life insurance, pensions and investments, Irish Life will further grow its business by now providing market leading health insurance solutions,” he said. “This transaction demonstrates our commitment to Ireland, and to our ongoing growth and expansion there.”
In addition, Mahon noted that the new venture will benefit from the company’s global expertise, primarily highlighting its health insurance success in Canada.
The transaction will be subject to regulatory approval but is expected to be finalized during the third quarter of this year.
The company has now taken another step in its expansion outside Canada by reaching an agreement for the acquisition of Aviva Health, a health insurance firm based in Ireland as well as increasing its 49 per cent share in GloHealth to 100 per cent. Together, GloHealth and Aviva Health will combine to form one of the leading health insurers in Ireland.
Speaking in a release, Paul Mahon, the CEO and president of Great-West Lifeco, outlined how the combined force will offer a wide selection of insurance products to in excess of 400,000 customers.
“As Ireland’s leading provider of life insurance, pensions and investments, Irish Life will further grow its business by now providing market leading health insurance solutions,” he said. “This transaction demonstrates our commitment to Ireland, and to our ongoing growth and expansion there.”
In addition, Mahon noted that the new venture will benefit from the company’s global expertise, primarily highlighting its health insurance success in Canada.
The transaction will be subject to regulatory approval but is expected to be finalized during the third quarter of this year.
