Sun Life Financial U.S., a unit of Sun Life Financial Inc. (TSX:SLF) has completed the process of acquiring the Assurant Employee Benefits business from Assurant Inc. (NYSE:AIZ).
Sun Life announced the $940 million deal in September.
Assurant put the benefits unit on the block after its health insurance unit suffered heavy losses. The company said it would close the health insurance business and sell the benefits business.
The benefits unit is based in Kansas City, Mo., and has about 1,700 employees.
The unit is a major dental plan provider, and an affiliate, Disability RMS, is a major disability plan services company. The benefits unit also sells group life, voluntary benefits, vision plans, and provides benefits communication and administration services.
Sun Life Financial U.S. says Stacia Almquist, the head of the benefits unit’s dental and vision operations, will be its vice president for dental and vision.
Matt Gilligan, the head of Disability RMS, will continue to be president of Disability RMS.
Almquist and Gilligan will be part of the U.S. unit’s senior leadership team.
The benefits unit executives who have been based in Kansas City will continue to be based in Kansas City, and the Disability RMS executives will continue to be based in South Portland, Maine.
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