On August 1, 2000, KPMG Inc., the Liquidator of Confederation Life Insurance Company, closed a transaction with The Canada Life Assurance Company pursuant to which Canada Life assumed the Canadian individual and group immediate annuity business of Confederation Life. This transaction marks the commutation or payment of the last significant block of Confederation Life’s policyholder liabilities.
As consideration for the assumption, the Liquidator transferred approximately $725 million to Canada Life consisting of performing private placements, mortgages, bonds and cash.
Goodman Phillips & Vineberg represented KPMG Inc. Daniel Gormley led the team from GPV, which included Gale Rubenstein, Brian F. Empey and Michele S. Altaras. Craig Arthurs of Canada Life’s in-house legal department instructed McCarthy Tétrault where the team included John Walker, Bill McCullough, Erica Baron, Oliver Borgers and Robin MacAulay.