Financial Services Industry
Industry: Email Alert RSS FeedSun Life Sheds DI Subsidiary.
National Underwriter Life & Health-Financial Services Edition, November, 1998 by THOMAS, TREVOR
Sun Life Assurance Company of Canada (U.S.) is selling its only disability insurance subsidiary to Centre Reinsurance Holdings, based in Hamilton, Bermuda.
Sun Life, based in Wellesley Hills, Mass., announced it has reached undisclosed terms with Centre to sell Massachusetts Casualty Insurance Company, Boston, pending approval of the sale by the Massachusetts Insurance Commissioner.
If the deal is approved, Massachusetts Casualty will become part of Centre Solutions, a subsidiary of Centre Holdings. Frank Pierson, chief technical officer of Centre Solutions, will become its CEO.
Mr. Pierson said the purchase is part of Centre's strategy of buying "books of business" that it can service efficiently. He denied, however, that Centre is embarking...
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