Sun Life Financial Inc. reportedly is in talks to buy Assurant Inc.’s employee-benefits unit, which is based in Kansas City.
Bloomberg News, citing several sources with knowledge of the matter who asked not to be identified, said a deal valuing the unit at as much as $900 million could be announced within two weeks.
However, the sources said sale talks are ongoing and could still fall apart.
Assurant, based in New York, said in April that it was working with Barclays Plc to find buyers for the division as it seeks to narrow its focus. The assets for sale include life, disability, dental, vision and other types of insurance that people acquire through their employer.
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Assurant’s employee benefits operation is based in Kansas City at 2323 Grand Blvd. The unit has about 1,600 employees, including more than 800 at its headquarters. Representatives for Toronto-based Sun Life, Barclays and Assurant declined to comment.
Sun Life, Canada’s third-largest life insurer, has been seeking to expand its geographic reach and diversify earnings through acquisitions, agreeing in June to buy asset manager Prime Advisors.