Great-West Names Kyle Irish Life CEO After $1.7 Billion Accord

Great-West Lifeco Inc. (GWO), Canada’s second-largest insurer, named Bill Kyle chief executive officer of Irish Life Group Ltd., which the company is set to take over for 1.3 billion euros ($1.7 billion) within weeks.

Kyle, who has worked for Great-West and its subsidiaries for 34 years, will succeed Irish Life CEO Kevin Murphy, who will retire at the end of this month after 42 years with the company, Dublin-based Irish Life said in a statement. Murphy, 61, had postponed his planned retirement at the end of last year.

Ireland’s government agreed to sell the nation’s largest life and pensions company to Winnipeg, Manitoba-based Great-West in February to cut its gross 64 billion-euro bill for saving its financial system. Finance Minister Michael Noonan’s officials re-opened talks with Great-West last year after abandoning them in November 2011 amid concerns that the euro-area debt crisis would increase the costs, two people with knowledge of the matter said last December.

Kyle, executive vice president of wealth management at Great-West, led the group’s retirement business over the past two decades, during which its assets rose to C$35 billion ($34.2 billion) from C$3 billion, Irish Life said.

The Great-West agreement is the “first time during this crisis that a company in which we have invested has been returned fully to private ownership,” Irish Finance Minister Michael Noonan said in February.

To contact the reporter on this story: Joe Brennan in Dublin at

To contact the editor responsible for this story: Edward Evans at

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.