Canadian insurer Sun Life has established a new subsidiary in Bermuda that will include participating life products as part of its broader efforts to capture the high net worth market via its private wealth platform.
Sun Life has established Sun Life Bermuda Limited, a wholly owned insurance subsidiary, according to a statement.
The new subsidiary was formed as part of the firm’s efforts to strengthen its private wealth platform, which was launched in July this year. It is licensed and regulated by the Bermuda Monetary Authority and will operate alongside insurer’s other existing local unit, Sun Life Assurance Company of Canada (Bermuda Branch).
Sun Life has been serving high net worth clients from Bermuda since 1996.
Participating whole life solution
To further capture a share of the high net worth market, Sun Life Bermuda Limited launches its first participating whole life solution, co-developed with Sun Life Asset Management, leveraging its expertise across private credit, infrastructure, real estate, fixed income, and public equities.
Sun Life Assurance Company of Canada (Bermuda Branch) will continue to support non-participating life insurance solutions.
“This solution reflects the global strength of Sun Life coming together for our clients. By combining Sun Life Asset Management’s investment capabilities with Sun Life Private Wealth’s high net worth insurance expertise and distribution partnerships, we are creating innovative solutions that help advisors support high net worth families’ long-term wealth goals,” said Karim Gilani, global head, strategic solutions and partnerships, Sun Life Asset Management.
“As high net worth families look for more integrated approaches to protection, wealth accumulation and legacy planning, they increasingly need solutions that can support multiple objectives within a single structure. The establishment of Sun Life Bermuda Limited expands our ability to meet these needsthrough a broader range of insurance solutions designed for intergenerational wealth planning,” added Sujoy Ghosh, CEO of Sun Life Private Wealth.
