Assurant sold its employee benefits business to Sun Life Financial in a cross-border transaction valued at $940 million.
On March 1, Willkie client Assurant, Inc. announced that it has closed the sale of 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 was 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. 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, Allison Tam, Eugene Chang, Christopher Peters and Jordan Messinger; senior counsel Donald Henderson; and associates Rachel Berk, Amir Ghavi, Robert Larimore, Rose Ohanesian, Bhavna Agnihotri and Timothy Andree.