Sun Life Financial announced an agreement to acquire Assurant's employee benefits business for a net investment of $975 million.
The transaction will also add a "strong dental business with the second largest proprietary provider network in the U.S.," according to Sun Life.
"The acquisition of the Assurant Employee Benefits business is directly on strategy, accelerating the growth of our U.S. Group Benefits business and expanding the scope of our benefits business in North America," stated Dean Connor, president and CEO of Sun Life Financial, in a press release.
The transaction also includes a group life and disability business and others. The transaction will create the sixth largest group benefits business in the U.S., according to Sun Life.
