Company swoops as it looks to expand rapidly south of the border
Canadian life insurance giant Sun Life Financial has made a big statement as it looks to expand its operations across the USA.
The company has today announced that it has completed its acquisition of the US Employee Benefits arm of Assurant, Inc. The completion of the deal makes Sun Life the sixth largest benefits provider in the USA as it adds both scale and capabilities to its existing line-up.
According to Dan Fishbein, the managing director and president of Sun Life Financial US, the arrival of talented new employees and a host of new customers represents an important milestone for the company.
“We’re now poised to offer one of the broadest arrays of employee benefits to US employers of all sizes,” he said. “We have received an enthusiastic response across the board about the value our combined business will deliver.”
Also included within the transaction are the purchase of the company’s provider network, a successful dental business, strong products in voluntary benefits and a highly regarded group life and disability business.
“This acquisition shows our commitment to being a leader in the US group benefits business, adding greater breadth, capabilities and talent in one of our strategic pillars for growth,” said Dean Connor, president and chief executive officer of Sun Life Financial. “It is also another example of disciplined capital deployment in support of our medium-term financial objectives.”
It is hoped that the two companies will now work together to bring the business under the Sun Life umbrella. According to an official Press release from Sun Life, both sides are committed to ensuring a smooth transition and it will be “business as usual” for customers and brokers associated with both organizations.
The company has today announced that it has completed its acquisition of the US Employee Benefits arm of Assurant, Inc. The completion of the deal makes Sun Life the sixth largest benefits provider in the USA as it adds both scale and capabilities to its existing line-up.
According to Dan Fishbein, the managing director and president of Sun Life Financial US, the arrival of talented new employees and a host of new customers represents an important milestone for the company.
“We’re now poised to offer one of the broadest arrays of employee benefits to US employers of all sizes,” he said. “We have received an enthusiastic response across the board about the value our combined business will deliver.”
Also included within the transaction are the purchase of the company’s provider network, a successful dental business, strong products in voluntary benefits and a highly regarded group life and disability business.
“This acquisition shows our commitment to being a leader in the US group benefits business, adding greater breadth, capabilities and talent in one of our strategic pillars for growth,” said Dean Connor, president and chief executive officer of Sun Life Financial. “It is also another example of disciplined capital deployment in support of our medium-term financial objectives.”
It is hoped that the two companies will now work together to bring the business under the Sun Life umbrella. According to an official Press release from Sun Life, both sides are committed to ensuring a smooth transition and it will be “business as usual” for customers and brokers associated with both organizations.
