(January 19 – 17:00 ET) – Sun Life Assurance Company of Canada has sold its life retrocession and financial reinsurance business to Clarica Life Insurance Company. The agreement, concluded today, does not include the accident and health portions of Sun Life’s reinsurance activity.
In October 1999, Sun Life announced that as a result of a company-wide strategic review, the Company would actively seek a buyer for the reinsurance business, says Sdun Life ina prepared statement. This announcement followed other divestitures including the sales of New London Trust and Massachusetts Casualty & Insurance Company.
Most recently, Sun Life sold portions of the Sun Life Trust business to the Laurentian Bank of Canada while retaining a number of services that it considers essential for ongoing business purposes, such as its trustee powers and electronic based services.
-IE Staff