Canada Life Financial

Canada Life Financial
Subsidiary
Industry Financial Services (Insurance)
Founded 1847
Headquarters 330 University Avenue
Toronto, Ontario, Canada
Key people
 Paul A. Mahon, president and chief executive officer[1]
Parent The Great-West Life Assurance Company
Website Canada Life website
The Canada Life Building in Toronto in 2005
The first offices of the Canada Life Assurance Company in Toronto in 1888

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. Hugh Cossart Baker, Sr. established the first life insurance company in Canada 21 August 1847; the Canada Life Assurance Company.[2][3] The firm was incorporated in 1849. 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 remained in Hamilton until 1900, when the new president George Cox moved it to Toronto.[2] He was the father of telephone pioneer Hugh Cossart Baker, Jr..[4]

Canada Life is based in Toronto, Ontario at the historic Canada Life Building on University Avenue. It also commissioned the Canada Life Building in Montreal.

Besides Canada, Canada Life has offices in:

Canada Life in the UK

Canada Life began operations in the United Kingdom in 1903.[5]

Canada Life Investments – The asset management division of the UK business providing investing solutions in equities, fixed income and property. They also offer a range of open-ended funds (OEICs) that cover UK and international equities and bonds, as well as multi-asset solutions.

Crown Life Insurance Company of Canada

Crown Life Insurance Company of Canada was founded in 1900 and was based in Toronto.[6] It was acquired by Canada Life in 1998.

Highlights in Media

Canada Life is on the Canada's Top 100 Employers and Top 100 Employers for Young people lists.[7]

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.[8]

Canada Life UK claimed its former employee Domenico Iacono has illegally removed confidential information soon after he quit the job. The insurance group brought legal proceedings against Iacono before the High Court.[9]

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 exclusion clause, according to which the company will not pay for policy if its holder is involved in criminal activity. Valentyne's son was a drug dealer for six years before his disappearance, which happened on January 7, 2013.[10]

References

  1. ↑ "Governance - Canada Life". Canada Life.
  2. 1 2 Bailey, Thomas Melville (1981). Dictionary of Hamilton Biography (Vol I, 1791-1875). W.L. Griffin Ltd.
  3. ↑ "Chronology of the Regional Municipality of Hamilton-Ontario". Retrieved 2007-02-05.
  4. ↑ Houghton, Margaret (2003). The Hamiltonians, 100 Fascinating Lives. James Lorimer & Company Ltd., Publishers Toronto. p. 6. ISBN 1-55028-804-0.
  5. ↑ "About Canada Life". www.canadalife.co.uk.
  6. ↑ "Crown Life Insurance Company Profile". www.sedar.com.
  7. ↑ "Canada Life Named Among Canada's Top 100 Employers And Top Employers For Young People - Canada Life". Canada Life.
  8. ↑ "Canada Life Contributes $25,000 To Canadian Red Cross Spring Floods Appeal - Canada Life". Canada Life.
  9. ↑ "Canada Life claims former executive removed confidential data".
  10. ↑ "Missing drug dealer's life insurance denied over crime affiliation, but mystery surrounds death".
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