Securian Financial subsidiary to acquire Sun Life’s association, affinity and group creditor business in Canada
Securian Financial announced that its subsidiary, Canadian Premier Life Insurance Company, is acquiring Sun Life Assurance Company’s association & affinity and creditor group businesses in Canada.
The affected blocks of business include more than 100 client organizations and 1.5 million insured customers.
“Today is an important milestone in our Canadian strategy. The acquisition will position us to take advantage of growth opportunities in two promising markets for us.” – Chris Hilger, Securian Financial’s chairman, president and CEO.
The transaction is expected to close following satisfaction of customary closing conditions, including receipt of regulatory approvals. Canadian Premier anticipates welcoming new employees to the company from Sun Life.
This is Securian Financial’s fourth Canadian acquisition since 2017. The company first expanded internationally in 2017, when it acquired Toronto-based Canadian Premier and distributor Valeyo. In 2020, Canadian Premier purchased the Canadian block of business from Gerber Life Insurance Company. Specialty property and casualty products distributor Armour Group was acquired in September 2021.