Three Canadian life insurance companies are turning into one brand, with London Life Insurance Company dropping the city’s name in the process.
London Life is joining Great-West Life Assurance Company and Canada Life Assurance Company as the three amalgamate and rebrand under the name Canada Life.
President and COO Jeff Macoun made the announcement Wednesday morning at London Life on Queens Avenue.
“It’s a new day for us. It’s about growth and it’s about the future,” said Macoun.
“We are going to take all the good things about the London Life brand and we are going to continue to serve Canadians like never before.”
The three insurance companies and their holding companies, Canada Life Financial Corporation and London Insurance Group Inc., have also begun to merge under the name Canada Life Assurance Company.
In a statement, officials say that amalgamation is still in its early stages and requires board, regulatory and policyholder approvals.
Macoun also reassured the more than 3,000 current employees in London that there is no worry about the security of their current jobs.
“This is a growth opportunity for our organization. Our plan is to have more employees, more growth, more opportunities, more jobs and grow this company like never before,” he said.
London Mayor Ed Holder was in attendance for the announcement. He told Global News Radio 980 CFPL the rebrand will positively impact London Life’s employee group.
“They are doing this to grow opportunities in their company and around the country so it’s very positive,” Holder said.
The decision to rebrand means the three companies will come under one larger brand.
“It strikes me that it was probably logical that Canada Life, since it is a pan-Canadian focus that they have, would be the company name that was chosen,” said Holder.
The rebrand has been in the works “for a long time,” said Macoun, but most employees found out this morning at a live unveiling at Centennial Hall.
“It might have snuck out a little, although I think we kept the actual brand really quiet right until today. People are thrilled with the new brand,” said Macoun.
“When you think of ‘Canada’ and ‘life’ and take those two iconic names and put them together as one and put them together in the financial services industry, with ‘Canada’ and ‘life’ we believe it is going to open so many doors.”
Canada Life serves nearly one in three Canadians and employs more than 11,000 across the country with main offices in London, Toronto and Winnipeg.
— with files from 980 CFPL’s Liny Lamberink.