Canadian insurer Sun Life Financial Inc. has agreed to sell its U.S. annuity business and some of its life insurance businesses to shareholders of financial services firm Guggenheim Partners in a $1.35 billion deal announced Monday.
The units are being purchased by Delaware Life Holdings, a holding company owned by Guggenheim shareholders (who also led the group that bought the Los Angeles Dodgers in March). The businesses Guggenheim is acquiring—which have employees in Canada, Ireland, and the United States—will be renamed Delaware Life Insurance Company once the deal closes. That closing is expected to occur before the third quarter of 2013.
