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June 19, 2001 at 08:00 PM
NU Online News Service, June 19, 12:15 p.m. – Maritime Life, Halifax, Nova Scotia, has agreed to acquire Royal & Sun Alliance Life Insurance Company of Canada, Oakville, Ontario, from its parent company, Royal & Sun Alliance Insurance Group P.L.C., London, for Canadian $235 million.
The acquisition price amounts to U.S. $153 million, based on an exchange rate of $1=Canadian $1.53, as of June 19.
The deal is scheduled to close in October.
Royal & Sun’s Canadian subsidiary employs 150 people. The subsidiary generates about U.S. $90 million a year from the sale of life insurance, guaranteed interest savings products, retirement products and segregated funds.
Maritime Life, a subsidiary of John Hancock Financial Services Inc., Boston, says it’s making the acquisition to strengthen its retail life insurance and investment businesses.
Royal & Sun says it agreed to the deal because it does not want to spend the money needed to make the Canadian subsidiary a major force in the North American market.
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