News
Ruairķ O'Flynn becomes Managing Director of Canada Life (Ireland), as Tom Barry moves to Non-Executive Director
Issue Date: 17th August 2009
Bill Acton, President of Canada Life Capital Corporation, the parent company of Canada Life in Ireland, today announced that Ruairķ O'Flynn is to become Managing Director of Canada Life in Ireland. The current Managing Director Tom Barry will become a Non-Executive Director and will also engage in a range of business, professional and other interests.
Announcing the decision to Canada Life staff, Bill Acton said: "Under Tom Barry's leadership, Canada Life in Ireland has grown significantly and is today the strongest financial company in the Irish market with a Standard & Poors AA rating. Ruairķ O'Flynn is ideally placed to build on these achievements and to bring the company to a higher level while continuing the conservative policies which have been successful in weathering the challenging economic conditions."
Ruairķ O'Flynn (52) joined Canada Life in 2002. He was previously a senior executive at Bank of Ireland Group, where his career included the position of Managing Director of Lifetime Assurance from 1991 to 1997. Since joining Canada Life in Ireland, Ruairķ has held a number of roles, including Director of Operations and Strategy, Vice President-IS Europe and since 2007 Managing Director of Setanta Asset Management, Canada Life's Investment Management business.
The appointment of Ruairķ O'Flynn as Managing Director of Canada Life and Chairman of Setanta Asset Management is subject to approval by the Financial Regulator.
Following a transition period, Tom Barry steps down as Managing Director and becomes a non-executive director of Canada Life in Ireland, Germany and a number of group companies. He also intends to assume other professional roles where his experience in risk management and governance can be utilised while allowing him time to pursue his sporting and other interests. Tom has been Managing Director of Canada Life since 2001 and over the course of his 23-year career with the company he has held various senior positions in the actuarial, financial and sales functions of the company.
As part of these senior management changes, Kieran Dempsey, currently Chief Investment Officer of Setanta Asset Management, will become Managing Director and Chief Investment Officer of Setanta. Kieran joined Setanta in 2008, and has 24 years' investment industry experience, most recently as CEO of GE Asset Management in Europe. Kieran is also Chief Investment Officer of Canada Life in Ireland and Germany. This appointment is also subject to approval by the Financial Regulator.
Bill Acton told staff that the changes ''represent continuity in our management and in Great-West Life's strategy for growth in Europe using Ireland as an important base for expansion. On behalf of the Canada Life board and shareholders, I would like to acknowledge Tom's contribution to the growth and congratulate Ruairķ and Kieran on their appointments."
A leading provider of Life, Pension and Investments, we have been serving the financial planning needs of our clients for over 100 years in Ireland. Our strength lies in our consistently high financial ratings from independent ratings agencies, including an AA rating from Standard & Poor's. Our parent is Great-West Life, one of the worlds leading Life Assurance companies, making us one of the largest and strongest Life & Pension companies operating in the Irish market today
