Sun Life Financial Services of Canada Inc. has filed a preliminary short form prospectus for a common share offering in Canada and the United States. The proceeds are estimated to be $500 million.

The final terms of the offering will be determined at the time of pricing. The proceeds of the offering are to finance in part the acquisition of Keyport Life Insurance Co. and Independent Financial Marketing Group, Inc..

Keyport is a Boston-based speciality insurance company providing a diversified line of fixed, indexed and variable annuity products in the U.S. As at June 30, 2001, Keyport had US$19 billion in assets under management.

Independent Financial is a leading third-party marketer of insurance and investment products to retail customers through banks in the U.S.

Sun Life says these acquisitions will complement the firm’s product array and distribution capabilities.

The joint lead managers for the common share offering are Morgan Stanley & Co. Incorporated and RBC Dominion Securities Inc.