March 4, 2015
Willkie advises Sun Life Financial in transaction with BCE, Canada’s largest communications company.
Willkie recently advised Sun Life Financial in its C$5 billion longevity insurance transaction with BCE, Canada’s largest communications company. Under the terms of the longevity insurance agreement, the first of its kind in North America, the Bell Canada Pension Plan will pay monthly premiums to Sun Life in exchange for Sun Life making monthly pension payments into the plan for the lifetime of existing pensioners. BCE maintains full responsibility for the Bell Canada Pension Plan and related payments to pensioners. Sun Life will reinsure a portion of the longevity risk to RGA Canada and SCOR Global Life.
Celebrating 150 years in 2015, Sun Life Financial is a leading international financial services organization providing a diverse range of protection and wealth products and services to individuals and corporate customers. Sun Life Financial and its partners have operations in key markets worldwide, including Canada, the United States, the United Kingdom, Ireland, Hong Kong, the Philippines, Japan, Indonesia, India, China, Australia, Singapore, Vietnam, Malaysia and Bermuda. As of December 31, 2014 the Sun Life Financial group of companies had total assets under management of C$734 billion.
The matter was handled by partner Vladimir Nicenko, of counsel Donald Henderson and associates Patrick Tedesco and Andrew Prodromos.
