The Lincoln-based Keyport Life Insurance could soon have a new owner — Sun Life Financial Services of Canada. Under the proposed deal, Sun Life would acquire the annuity and bank marketing business of the Boston-based Liberty Financial Companies, the parent company of Keyport, for $1.7 billion.
The deal was approved by Liberty Financial’s controlling stockholder, Liberty Mutual Insurance Co., but must be approved by Canadian and U.S. regulators. The deal is expected to close in the third quarter of this year. Keyport employs 97 people in Rhode Island and sells annuities.
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