Assurant will sell its employee benefits business to Sun Life Financial in a cross-border transaction valued at $940 million.
On September 9, Willkie client Assurant, Inc. announced that it has entered into a definitive agreement to sell its employee benefits business for $940 million to Sun Life Assurance Company of Canada, the wholly owned subsidiary of Sun Life Financial Inc. The sale of Assurant Employee Benefits to Sun Life Financial is structured as a combination of reinsurance agreements and sale of certain legal entities and assets.
A global provider of specialty protection products and related services, Assurant (NYSE: AIZ) safeguards clients and consumers against risk. Serving more than 30,000 small and mid-sized employers, Assurant Employee Benefits offers a suite of voluntary and employer-paid products including dental, long-term and short-term disability and life insurance. Sun Life Financial (TSX: SLF) (NYSE: SLF) is a leading international financial services organization providing a diverse range of protection and wealth products and services to individuals and corporate customers.
The Willkie deal team was led by partner John Schwolsky and included partners Rajab Abbassi, Eugene Chang, Christopher Peters and Jordan Messinger, of counsel Donald Henderson, and associates Amir Ghavi, Robert Larimore, Rose Ohanesian, Bhavna Agnihotri, Gal Davidovitch, Timothy Andree and Tristan Freeman.