Canada Life Financial Insurance Company Details
Canada Life Financial Plans details Review
Canada Life Financial Corporation (French: Corporation Financière Canada-Vie) is a Canadian company that offers life, health, and disability insurance for groups and individuals. Founded in 1847, it was acquired by The Great-West Life Assurance Company in 2003, after rejecting a hostile takeover bid by rival Manulife. Canada Life has offices in the United Kingdom; on the Isle of Man; in the Republic of Ireland; Germany; Brazil; and the United States.
Canada Life Financial History
Hugh Cossart Baker, Sr. established the Canada Life Assurance Company, the first life insurance company in Canada, on 21 August 1847. The firm was incorporated in 1849.
Canada Life Financial Crown Life Insurance Company of Canada
Crown Life was founded in 1900 and was based in Toronto. It was acquired by Canada Life in 1998.
Canada Life Financial Canada Life in the UK
Canada Life began operations in the United Kingdom in 1903.
Canada Life Financial Past office locations
The first head office was in Hamilton, Ontario on the top floor of the Mechanics’ Institute on James Street near Merrick, where the Hamilton City Centre (formerly the Eaton’s Centre) now stands. The head office moved in 1883 to King Street East and Hughson Street South (later known as the Birks Building). The company headquarters was moved to Toronto in 1900 by newly installed company president, George Cox, father of telephone pioneer Hugh Baker. From 1926 to 1929, the company was headquartered at historic Cawthra House in Toronto.
The company commissioned the building of the Canada Life Building, completed in 1895, in Montreal.
Canada Life Financial Consolidation
In 2019, Great-West Lifeco consolidated its three brands in Canada, and in April 2019, The Great-West Life Assurance Company merged with its sister companies London Life and Canada Life, into the single brand of Canada Life. Canada Life is based in Toronto, Ontario at the historic Canada Life Building on University Avenue.
Canada Life is on the Canada’s Top 100 Employers and Top 100 Employers for Young people lists.
Canada Life Financial Philanthropy
On May 28, 2017, Canada Life, London Life and Great-West Life contributed $25,000 to Canadian Red Cross to help people affected by extensive spring flooding in Canada.
Canada Life Financial Legal Proceedings
Canada Life–UK claimed its former employee, Domenico Iacono, had illegally removed confidential information soon after he quit the job. The insurance group brought legal proceedings against Iacono before the High Court.
Canada Life was sued by Vanessa Valentyne after refusing to pay out her missing son’s insurance policy. The policy he took out had an exclusionary clause, according to which the company will not pay on a policy if its holder is involved in criminal activity. Valentyne’s son was a drug dealer for six years before his January 7, 2013 disappearance.