Guggenheim Soothes NY's Worries Over $1.3B Sun Life Deal

Law360, New York (July 31, 2013, 5:58 PM EDT) -- New York regulators on Wednesday cleared a Guggenheim Partners LLC affiliate to acquire several Sun Life Financial Inc. insurance businesses for $1.35 billion, after the investment firm put to rest concerns that it might break promises to Sun Life annuity holders.

The New York Department of Financial Services said Guggenheim had become the first private firm to safeguard policyholder benefits before acquiring an annuity company, making several concessions to the agency to win approval of its acquisition of Sun Life's New York unit as part of...
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