Berkshire Picks Up Sun Life’s Reinsurance Unit

Law360, New York (October 27, 2010, 7:05 PM EDT) -- Sun Life Financial Inc. has entered into a deal to sell its life reinsurance business to billionaire Warren Buffett’s Berkshire Hathaway Life Co. of Nebraska.

Sun Life, a Toronto-based financial services company, said Wednesday it would hand over its unit to Berkshire Hathaway. The deal’s financial details were not disclosed, but it is expected to be completed on Dec. 31.

The reinsurance unit, which has about 70 employees in Canada, the U.S. and Ireland, assumes risks from life reinsurers and has life insurance in force of...
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