Canada Life’s Irish operations have been used as the springboard for launching two insurance products in Germany.
The German entity will be called Canada Life Europe and is a subsidiary Canada Life’s Irish holding company.
The company says that administration, IT and product support of the German services will be provided from Canada Life’s operations in Dublin. A team of 20 people, including 8 German nationals, are currently working on the venture from Dublin, while a further 10 sales staff are based in Cologne in Germany. This is expected to rise to 30 over the next 5 years. Canada Life said it was taking advantage of the well established IT and administration systems developed for the existing Irish division.
The launch marks the company’s first venture in continental Europe. The intention is to expand activities and product lines throughout the country.
The products being offered to the German market are a unit-linked pension and a basic abilities plan. Underlining the Irish-German link the launch of the service was by video link from Canada Life offices in Blackrock, Co Dublin to Cologne in Germany. |
