Iii) American Home Assurance Company ('American Home') Ii) Oak Dedicated Limited, on behalf of the members of Lloyd's Syndicate 839 ('Syndicate 839') I) Travelers Casualty and Surety Company of Canada ('Travelers') The five claimants (hereafter 'the insurers') are: From the mid 1990s onwards Sun Life was not making profits on its new business.Ĥ.

Sun Life also transacted group business, such as life and permanent health insurance, sold through independent financial advisers. They sold individual life insurance and unit trust and personal equity plans. Sun Life had a direct sales force of about 800. Sun Life Financial became its holding company and the holding company of Sun Life, to which the UK branch business was transferred. In March 2000 Sun Life of Canada demutualised. It was a subsidiary of Sun Life of Canada UK Holdings Plc, itself a subsidiary of Sun Life of Canada. Sun Life, the UK company, was established in 1969 to run unit linked business. Until March 2000 Sun Life Assurance Company of Canada ('Sun Life of Canada'), which was incorporated in Canada as a mutual insurance company in 1865, operated in the UK through a branch.

Mr Robert Farquharson, a senior Vice President of Marsh, had the management of the placement.ģ. The brokers for the policy were Marsh Canada Limited ('Marsh'). Sun Life is a subsidiary of Sun Life Financial Inc ('Sun Life Financial'), the second defendant. The claimants seek a declaration that they are not bound to provide any such indemnity. As a result it ultimately incurred very large costs and expenses, in respect of which it seeks to recover an indemnity under a Financial Institution Professional Liability Policy ('the policy') from the claimants, its insurers. In October 2000 Sun Life Assurance Company of Canada (UK) Limited ('Sun Life'), the first defendant, was required by the Financial Services Authority ('FSA'), acting on behalf of the Personal Investment Authority ('PIA') to conduct a review of past business.

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