Transamerica Life | Wilton Re to acquire Transamerica business in Canada
Earlier today, Aegon announced the sale of Transamerica Life Canada to Wilton Re. What does this mean for you and your clients? This is a change in ownership only. We will continue to offer the products and services that our clients have come to expect from us and we will continue to be the advisor-friendly company you have come to know.
While our parent company and name are changing, our product strategy and service philosophy, as well as our focus on the middle market will remain the same. As well, all of the underwriting and process improvements you’ve seen over the past few years will continue, as the same Canadian team will continue to deliver innovation and improvements in everything we do.
Our support for independent distribution will continue
“We remain committed to our distributor-friendly electronic platforms and our industry unique Convergis program,” says Ray McKenzie, Senior Vice President Sales and Distribution. We will also continue to support your business through the continuation our annual volume bonus and marketing allowance programs.”
New name, new look, same great people and products
“In the coming months, we will be transitioning our business to a new parent company and undergoing a rebranding that will give us a unique, fresh identity for the Canadian market”, says Transamerica President and CEO, Doug Brooks, who is excited about the future. “We look forward to this change as an opportunity to continue to offer competitive choices for the middle market in the Canadian insurance marketplace.”
Introducing Wilton Re
Wilton Re is a life (re)insurance company specializing in the acquisition and management of life and annuity businesses as well as with assisting companies with product development, underwriting and new business strategies designed to serve the middle market. The Wilton Re team has deep experience in M&A, capital markets, insurance operations and reinsurance, and they will bring this diverse set of skills to our company as, together, we focus on helping advisors and distribution groups improve the protection options available for middle market Canadian families.
“Wilton Re regularly evaluates opportunities in North America,” says Wilton Re Chairman and CEO, Chris Stroup, “and we see Transamerica Life Canada as an ideal company to help establish and grow a base in Canada.” Mr. Stroup further adds, “Transamerica is of particular interest to Wilton Re because of their solid strategy and positioning in the Canadian middle market. We like the direction the company is going and we intend to support the profitable growth of business.”
Wilton Re is owned by its management and Canada Pension Plan Investment Board (CPPIB), a professional investment management organization that invests funds, other than those required for current benefits, on behalf of the Canada Pension Plan. CPPIB is a AAA rated investor and focuses on the long term returns and sustainability of the CPP. The Canada Pension Plan ranks as one of the 10 largest retirement funds in the world and CPPIB had C$226.8 billion of assets under management as June 30, 2014. Wilton Re maintains a rating of A+ with an outlook of Stable from Fitch Ratings.
Timing
We anticipate that the acquisition will be finalized in the first quarter of 2015 after receipt of regulatory approvals and will communicate with you throughout this process.
For your information, we have attached the press release (PDF). You may also want to review our consumer FAQs (PDF). If you have any further questions, please feel free to contact a member of your Transamerica team.