NU Online News Service, July 11, 2003, 4:24 p.m. EDT – The Canada Life Assurance Company, Toronto, says it has agreed to sell its life and health insurance business in the Bahamas and the Cayman Islands to Colina Insurance Company Ltd., Nassau, Bahamas.
Colina will hire Canada Life's employees, use its agents in the Bahamas, and acquire its office building in Nassau, Canada Life says.
Canada Life also has agreed to sell its Puerto Rican and U.S. Virgin Islands group life and health operations to MAPFRE USA, a unit of MAPFRE Mutualidad de Seguros, Avila, Spain.
MAPFRE will hire the Canada Life employees in Puerto Rico, Canada Life says.