Frequently asked questions
What this transition means
Q: What happened?
A: Effective February 1, 2023, Securian Canada acquired the Association and Affinity business of Sun Life Assurance Company of Canada (“Sun Life”).
Note: policies are underwritten by Canadian Premier Life Insurance Company (Canadian Premier), which operates under the brand name Securian Canada.
Q: What can be expected?
A: Current policy numbers, anniversary and/or renewal dates and all the terms and conditions of coverage remain the same, as outlined in plan member insurance documents. We are in the process of updating our materials and digital properties however, any mention of Sun Life on websites or insurance documents are in reference to products with Securian Canada. We will be providing plan members with a transition package, but until received, plan members should continue using Sun Life microsites and phone numbers for information and service. Securian Canada and Sun Life are committed to ensuring a smooth and seamless transition. We will continue to collaborate with plan members, partners and administrators, keeping them involved and up to date throughout the entire process.
Q: Why did Sun Life decide to sell their Sponsored Markets business?
A: The transaction will allow Sun Life to focus on strategically growing the core segments within the group benefits business.
Q: What makes Securian Canada a great fit to purchase Sun Life’s Sponsored Markets business?
A: Securian Canada has exceptional depth and experience in the insurance market; Sun Life is confident that clients will be in great hands. Securian Canada has made a commitment to further invest in this business, bringing new capabilities to partners and providing a deeper customer experience.
Q: Who is Securian Canada?
A: Securian Canada is here for all Canadians and their families – however they define family – because everything we do helps build secure tomorrows. Our practical, life-ready insurance and protection solutions are designed to help provide financial security, so that Canadians can spend more time making every moment count.
For over 65 years, we’ve been giving Canadians the confidence to face life’s uncertainties. Securian Canada brings together strong local roots and expertise, a North American footprint, and a global perspective – all while innovating at the speed the markets we serve expect.
Together with our U.S. parent company – Securian Financial – Securian Canada is a leading insurance provider in the Canadian Financial Institution and Association & Affinity markets. We offer insurance solutions built with genuine care – providing specialized experiences to those we serve. Learn more about Securian Canada here: https://securiancanada.ca/about-us
Q: Why did Canadian Premier change their brand name to Securian Canada?
A: The name change is for our brand name only. Our insurance underwriting companies (Canadian Premier Life Insurance Company and Canadian Premier General Insurance Company) will remain the same and will continue to be the insurer of our products. The name change does not change any coverage or benefits.
Q: What is the total number of employees at Securian Canada?
A: Securian Canada has approximately 300 employees with offices in Toronto, Montreal, Burnaby, Waterloo and Winnipeg.
Q: How much insurance does Securian Canada currently have in force in Canada?
A: As a result of this transaction, Securian Canada expects to provide insurance to more than 3.5 million Canadians, making Securian Canada one of the largest insurers in the Creditor and Association & Affinity markets in the country.
Q: Does Securian Canada have a financial strength rating?
A: The AM Best Financial Strength Rating for Securian Canada’s underwriting company, Canadian Premier Life Insurance Company (CPL) is, A. The Issuers Credit Rating (ICR) for CPL is, a.1
Q: Is there an annual report for Securian Canada?
A: Securian Canada data is reflected in the annual report from Securian Financial. Please visit https://www.securian.com/about-us/financials-and-reports.html to view the annual report, financial statements and the quarterly investment updates.
About Securian Financial
Q: Who is Securian Financial?
A: Securian Financial develops and distributes insurance products through banks, credit unions and affinity partnerships. Since 1880, Securian Financial has built a uniquely diversified business that has outlasted economic fluctuations while staying true to customers. Headquartered in St. Paul, Minnesota, Securian Financial, a mutual holding company, is the ninth largest life insurer in the U.S. based on its more than $1.5 trillion of life insurance in force.2
The company has more than 6,500 employees and representatives, providing insurance, investments and retirement solutions to more than 22 million customers in North America.3
Q: What is the financial strength rating for Securian Financial?
A: The current ratings for Securian Financial are A+ (Superior) from A.M. Best, AA (Very Strong) from Fitch Ratings, Aa3 (Excellent) from Moody’s Investor Service and AA- (Very Strong) from Standard & Poor’s.4
Q: When did Securian Financial acquire Canadian Premier?
A: In 2017, Securian Financial acquired Canadian Premier Life Insurance Company and Canadian Premier General Insurance Company (formerly known as Legacy General Insurance Company), as well as CRI Canada Ltd. and Selient Inc. (now known as Valeyo Inc.).