Sun Life, Malaysian Investor Put Up $597M For Insurance JV

Law360, New York (January 17, 2013, 5:59 PM EST) -- Insurer and investment management company Sun Life Financial Inc. has teamed up with Malaysian state investor Khazanah Nasional Berhad to acquire nearly all of a joint venture between lender CIMB Group and British insurer Aviva PLC for $597 million, according to a Thursday announcement.

Toronto-based Sun Life and Khazanah said they would buy 98 percent of CIMB Aviva Assurance Berhad and CIMB Aviva Takaful Berhad in a deal that comes with a 20-year exclusive bancassurance agreement with CIMB Bank. Bancassurance deals allow an insurance company to...
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