Maritime Life has been given final approval for its amalgamation with Royal & Sun Alliance Life Insurance Company of Canada, effective January 1.

“Maritime Life has been a leading player in industry consolidation,” says Bill Black, president and chief executive officer, Maritime Life. “We’ve had three successful acquisitions in recent years, benefiting from both our ability to manage change and the support of our parent, John Hancock. Combined with strong organic growth, we have expanded to be among the leading players in the Canadian industry.”

Maritime Life has previously acquired the Canadian life, health and segregated fund portfolios of Confederation Life in 1995 and Aetna Canada in 1999. With its purchase of Royal & SunAlliance Financial in October 2001, Maritime Life began work on its third integration.

The purchase significantly strengthens Maritime Life’s retail life insurance and investment products lines of business, increasing the number of individual life insurance, living benefit and investment product policies administered to approximately 875,000.

“Our steady growth is a testament to the energy, ability, and commitment of employees,” says Black. “As we explore new opportunities, we’ll continue to focus on what’s right for our customers, distributors and employees.”