NCB Insurance Company has received approval that will enable NCB Financial Group to streamline the insurance business currently offered by its subsidiaries, NCB Insurance Company and Guardian Life.
Under the arrangement, 100 per cent of NCB Insurance Company's portfolio of insurance and annuities business will be transferred to Guardian Life effective September 30.
Following the transfer, NCB Insurance will operate under a new company name and will sell insurance products as an exclusive agent of Guardian Life.
NCB Insurance will continue to provide pension fund administration and investment management services.
Insurance policies for existing policyholders will not be impacted.