IE Staff
(October 7 – 10:35 ET) –
Great-West Lifeco’s U.S.
subsidiary, Great-West Life &
Annuity Insurance Co. of Denver,
has signed a deal to acquire the
group life and health business of
Allmerica Financial Corp.
for an undisclosed sum.
Allmerica covers 400,000
individuals and generates premium
income of about C$1.4 billion.
Great-West hopes to add these
clients to its existing 2.1 million
medical clients.
Winnipeg-based Great-West
Lifeco says it has a 13 million-
person Canadian client-base
through its own operations and
those of its subsidiary
London Insurance Group.
It is partly owned by the
Desmaris’s financial empire, Power
Financial Corp.
-IE Staff
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