Canadian Premier enters agreement with Sun Life to grow association, affinity, and group creditor business
December 13, 2021, Toronto, ON — Canadian Premier Life Insurance Company (“Canadian Premier”) has entered into an agreement to acquire the sponsored markets business from Sun Life Assurance Company of Canada (“Sun Life”). Sponsored markets include a variety of association & affinity, and group creditor clients. This transaction will see over 100 plan sponsors and roughly 1.5 million insured clients and plan members/customers move from Sun Life to Canadian Premier. Upon closing, this transaction will build on Canadian Premier’s longstanding presence and expertise in the Canadian market.
“This is an exciting milestone for our company as we look to serve more Canadians through our affinity groups and creditor insurance businesses,” said Suzette Huovinen, Chief Executive Officer, Canadian Premier. “We’ve provided Canadian families with coverage for more than six decades. Our new clients will continue to receive the same high-level of service and care they did with Sun Life. We are very excited to welcome a new group of employees to our Canadian Premier family and continue their great service to these customers.”
Canadian Premier continues to invest in and grow its business in Canada, both organically and through strategic acquisitions and partnerships – helping financial institutions, retailers, affinity groups and distribution partners overcome business challenges with relevant, client-centric insurance solutions. The acquisition adds scale to Canadian Premier’s core creditor insurance product suite and provides Canadian Premier with an opening to adjacent markets in the association & affinity business. Canadian Premier’s parent company, Securian Financial Group, Inc., has a strong foundation in the U.S. association market.
The transaction is expected to close following satisfaction of customary closing conditions, including receipt of regulatory approvals.
About Canadian Premier
For more than 60 years, Canadian Premier has been committed to providing financial security to Canadians and their families in the face of uncertainties. Canadian Premier offers individual term and group life, accident & sickness, credit and creditor insurance solutions to a number of leading financial institutions, retailers and affinity groups, insuring over 2 million Canadians and families coast-to-coast. Canadian Premier is a wholly-owned subsidiary of Securian Financial Group, Inc. To learn more about Canadian Premier, visit www.canadianpremier.ca.