Maritime Life, a wholly owned subsidiary of John Hancock Financial Services, announced that it has agreed to buy Royal & Sun Alliance Life Insurance Co. of Canada (aka Royal & SunAlliance Financial) for approximately Cdn$ 235 ($155 million).
Based on recent results the acquisition will add around $88 million in premium and $1.38 billion in assets under management. “Royal & SunAlliance Financial is a great addition to Maritime Life,” stated President and CEO Bill Black. “This is our third purchase in recent years, and it significantly strengthens our retail life insurance and investment products businesses and brings additional talented employees to help us support customers.”
An RSA spokesman said that while the Canadian operations were profitable, “the investment required to make the company a major force in North America is more than we wish to make at this time.” The deal is expected to close in October.
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