Sun Life Financial Services of Canada Inc. today announced that shareholders and voting policyholders of Clarica Life Insurance Co. and Sun Life Assurance Co. of Canada voted overwhelmingly in favour of the amalgamation of the two companies into one company, effective December 31.

The amalgamated company will operate under the legal name of Sun Life Assurance Co. of Canada, while continuing to market products in Canada under both the Clarica and Sun Life Financial brands. There will be no effect on policyholders’ rights and benefits, or premiums, under their existing contracts.

“We are very pleased that the shareholders and voting policyholders of both companies have supported this amalgamation,” said Donald Stewart, chairman and CEO, Sun Life Financial. “This amalgamation is expected to significantly simplify business operations, financial processes and reduce operating costs.”

http://www.newswire.ca/releases/November2002/27/c6952.html