ST. PAUL, Minn.--(BUSINESS WIRE)--Securian Financial announced today that its subsidiary, Canadian Premier Life Insurance Company, is acquiring Sun Life Assurance Company’s association & affinity and creditor group businesses in Canada.

The affected blocks of business include more than 100 client organizations and 1.5 million insured customers.

“Today is an important milestone in our Canadian strategy,” said Chris Hilger, Securian Financial’s chairman, president and CEO. “The acquisition will position us to take advantage of growth opportunities in two promising markets for us.”

The transaction is expected to close following satisfaction of customary closing conditions, including receipt of regulatory approvals. Canadian Premier anticipates welcoming new employees to the company from Sun Life.   

This is Securian Financial’s fourth Canadian acquisition since 2017. The company first expanded internationally in 2017, when it acquired Toronto-based Canadian Premier and distributor Valeyo. In 2020, Canadian Premier purchased the Canadian block of business from Gerber Life Insurance Company. Specialty property and casualty products distributor Armour Group was acquired in September 2021.

About Securian Financial

At Securian Financial, we're here for family. And we’re here because of it. We’re guided by our purpose: helping customers build secure tomorrows. Since 1880, we’ve been building a uniquely diversified company that has outlasted economic ups and downs while staying true to our customers. We’re committed to the markets we serve, providing insurance, investment and retirement solutions that give families the confidence to focus on what’s truly valuable: banking memories with those who matter most.