The lender announced that it would withdraw its onshore individual protection business following a review in November last year.
Canada Life said that around 47,000 customer policies will transfer subject to the completion of a court-approved Part VII transfer.
This is where an insurance company sets up a separate legal entity in an EU country, and the submission to the UK court will transfer the book of business to this EU entity.
The lender said that onshore individual protection customers’ policies were expected to transfer to Countrywide in 2023, subject to court approval.
Canada Life said that it would “support customers, honouring existing contractual obligations, and paying claims in line with the usual processes”.
Tim Stoves, managing director for protection at Canada Life, said: “We’re proud to have found a good home for our onshore individual protection customers, and know we have chosen the right partner with Countrywide Assured plc, a subsidiary of Chesnara plc, due to their experience, high standards of customer support and focus on prioritising good customers outcomes.
“Our agreement will provide certainty for our customers, who will be assured that their policy will remain in safe hands, with all policy terms and conditions honoured as part of the proposed transfer.”
He added: “We continue to focus on our international (offshore) protection business and our market-leading position in group protection, supporting our base of three million employees and continuing to invest and innovate. Recent proposition developments include the introduction of MyStrength and a first to market in the group space, Toothfairy.”
