ReAssure Limited, part of Phoenix Group Holdings plc, have announced an agreement to sell Ark Life Assurance Company dac to Irish Life. The transaction is subject to customary closing conditions, including receipt of regulatory approvals. The transaction is expected to be completed by early 2022. Once complete approximately 150,000 policies totalling around €1.7 billion worth of assets will move to Irish Life.
For Ark Life customers, there will be no changes to their policy terms and conditions as a result of this transaction. Irish Life Financial Services already acts as third-party administrator for Ark Life policies, providing the customer service support, and Irish Life Investment Managers manage the policyholder investments. These existing relationships will help to ensure continuity of support for our customers.
Further details can be seen in the Q&A document for customers here – Customer Q&A