Canada Life Group Insurance’s managing director Ian McMullan died on 8 July following a battle with cancer.
He is survived by his wife Ruth, his daughter Lauren, son Christian and brother John.
Mr McMullan first joined Canada Life Group in 1998 and went on to assume the role of managing director in 2006.
Under his stewardship, the group division became the largest insurer by premiums, employers and employees.
UK chief executive Doug Brown said these accomplishments are testament to his focus and drive.
He said: “His business legacy is that we are the biggest and best at what we do in the group insurance marketplace, which will be much poorer without him.
“He was an outstanding leader and his high standards mean both the business and his colleagues are better for having known him. A real people person, he will be deeply missed by all those he worked with, from his colleagues to advisers and suppliers.”
Tim Stoves, who has been acting as interim managing director during Mr McMullan’s illness, will now continue in this role.