Sun Life Launches Bermuda Subsidiary
Sun Life has established Sun Life Bermuda Limited, a new wholly owned subsidiary that expands its Bermuda operations to offer participating life insurance products.
A spokesperson said, “Sun Life today announced the establishment of Sun Life Bermuda Limited, a wholly owned insurance subsidiary of Sun Life Assurance Company of Canada. The new subsidiary is licensed and regulated by the Bermuda Monetary Authority and will operate alongside Sun Life Assurance Company of Canada [Bermuda Branch].
“Sun Life Assurance Company of Canada [Bermuda Branch] will continue to support non-participating life insurance solutions, while the new subsidiary expands Sun Life’s capabilities to include participating products.
“To mark this milestone, Sun Life Bermuda Limited is introducing its first participating whole life solution1 co-developed with the team at Sun Life Asset Management, leveraging the breadth of Sun Life’s asset management businesses. The participating fund will draw on Sun Life’s in-house public and private market expertise, offering diversified exposure across private credit, infrastructure, real estate, fixed income and public equities.
“The launch comes amid growing demand for intergenerational wealth planning solutions as wealth creation accelerates across Asia and the Middle East.”
“As high net worth families look for more integrated approaches to protection, wealth accumulation and legacy planning, they increasingly need solutions that can support multiple objectives within a single structure. The establishment of Sun Life Bermuda Limited expands our ability to meet these needs through a broader range of insurance solutions designed for intergenerational wealth planning,” said Sujoy Ghosh, Chief Executive Officer, Sun Life Private Wealth.
The spokesperson said, “Sun Life has been serving HNW Clients from Bermuda since 1996, making Bermuda an important pillar of Sun Life Private Wealth. Bermuda is one of the world’s leading centers for international life insurance, supported by its mature regulatory framework, deep pool of specialist expertise, and ability to support highly customized policy structures.”
“For three decades, Bermuda has been an important hub for our Private Wealth business. The new subsidiary Sun Life Bermuda Limited builds on that foundation by adding participating product capabilities. Its first product also reflects the global strength of Sun Life, bringing together our high-net-worth insurance expertise with Sun Life Asset Management’s global asset management capabilities to deliver a differentiated solution for advisors and Clients,” added Sujoy Ghosh.
“This solution reflects the global strength of Sun Life coming together for our clients. By combining Sun Life Asset Management’s investment capabilities with Sun Life Private Wealth’s high net worth insurance expertise and distribution partnerships, we are creating innovative solutions that help advisors support high net worth families’ long-term wealth goals,” said Karim Gilani, Global Head, Strategic Solutions and Partnerships, Sun Life Asset Management.
The spokesperson said, “Backed by Sun Life’s 160+ years of global experience, 133 years in Asia and industry leading financial strength, Sun Life Private Wealth has operational presence in key wealth hubs including Bermuda, Dubai, Hong Kong and Singapore.
“Any offer of insurance products will be made only in accordance with applicable laws, which may be subject to jurisdictional restrictions and may not be available in all countries or to all persons, including residents or citizens of certain jurisdictions.”
