Sun Life close to sale of U.S. business

Article Abstract:

Sun Life Assurance Company of Canada will sell New London Trust FSB to Phoenix Home Life Mutual Insurance Co of Hartford, CN, for $50 million. The divestment is part of Sun Life's plan to stay more focuse on its insurance business as it converts from a mutually owned to a publicly owned company. Sun Life acquired New London Trust in 1986 for $15 million. The buyer, Phoenix Home Life, is planning to retain the trust operations and resell the banking operations to three small New England banks.

United States, Asset sales & divestitures, Acquisitions & mergers, Life Insurance, Direct Life Insurance Carriers, Trust, Fiduciary, and Custody Activities, Bank Trust Services, Trust companies, New London Trust, Phoenix Home Life Mutual Insurance Co.

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Y2K bug to bite some insurers: Trac

Article Abstract:

Around 10%-20% of Canadian insurance companies are more than likely to experience serious operational problems in the first few months of the year 2000 due to the millenium bug. The problems are expected to hit the industry despite the C$1 billion that have been collectively spent to correct the Y2K problem. A survey showed that life insurers have budgeted from $200,000 to $135 million each to fix their systems, while property and casualty insurers have spent from $67,000 to $58 million.

Canada, General services, Insurance, Insurance Carriers and Related Activities

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