Sun Life Financial Inc. completed its its $940 million purchase of the US employee benefits business of Assurant Inc., the company said Tuesday.
Sun Life, a Canadian financial services company with a US headquarters in Wellesley, will grow by about 1,700 employees through the deal. It also gains New York-based Assurant’s dental, group life and disability business.
The acquisition will allow Sun Life to expand into the Midwest and make it the sixth-largest group benefits company in the US.
“We’re now poised to offer one of the broadest arrays of employee benefits to US employers of all sizes,” said Dan Fishbein, the president of Sun Life Financial US.