TORONTO, June 14, 2002 – Sun Life Financial
announced today that Sun Life Assurance Company of Canada signed a letter of intent to
form a strategic marketing and distribution alliance with Hub Financial Inc., the Canadian
operating subsidiary of Hub International Limited (TSX: HBG), conditional upon the
completion of a definitive agreement. Implementation is scheduled for October 1, 2002.
Hub Financial, a leading Canadian insurance
brokerage, based in Toronto, will provide IQON advisors, part of Sun Life Financial’s
Canadian wholesale distribution channel of wealth and insurance-focused advisors, with
sales and support services and access to multiple carriers for third-party life, health
and disability insurance and segregated fund products. In addition, Hub Financial will be
a preferred distributor of Sun Life Financial branded life insurance products.
Barry J. Triller, Executive Vice-President,
Retail Operations for Canada, said “this marketing agreement is consistent with key
business goals and demonstrates our commitment to the cost-effective development of our
wholesale distribution channel. This alliance will provide a major benefit to our IQON
advisors, thus ensuring that our customers continue to receive outstanding services that
meet their needs today and in the future.”
Among the benefits to advisors are integrated
compensation systems that include wealth and insurance products offered by Sun Life
Financial and third parties; a single source to track pending business; access to multiple
carriers through a single source; and access to Hub Financial’s industry- leading
Web-based technology and tools, including those to track industry developments in
financial, taxation and estate planning.
Paul Brown, Chairman and Chief Executive
Officer, Hub Financial Inc., said “Hub Financial’s extensive market representation,
solid support structure and industry-leading Web platform are a natural fit for Sun Life
Financial’s wholesale distribution channel.”
Hub Financial is one of the largest
distributors of life and health insurance in Canada, providing efficient access for
independent financial advisors to most of Canada’s life insurance companies.
Sun Life Financial
Sun Life Financial is a leading international
financial services organization providing a diverse range of wealth accumulation and
protection products and services to individuals and corporate customers.
Tracing its roots back to 1871, Sun Life
Financial and its partners today have operations in key markets worldwide, including
Canada, the United States, the United Kingdom, Hong Kong, the Philippines, Japan,
Indonesia, India, China and Bermuda. As of March 31, 2002, the Sun Life Financial group of
companies had total assets under management of CDN $357 billion.
Sun Life Financial Services of Canada Inc. trades on the Toronto (TSX), New York (NYSE)
and Philippine (PSE) stock exchanges under ticker symbol “SLC”.