Assurant Inc., which announced its intention to sell its Kansas City-based Assurant Employee Benefits unit, is deep into talks to seal the deal within the next two weeks.
According to The Kansas City Star and Bloomberg, Sun Life Financial Inc. probably will make an offer valuing the operation about $900 million. Sources indicated that the deal could still fall apart.
Assurant's employee benefits business ranks No. 42 on the Kansas City Business Journal's Top Private-Sector Employers List, based on 850 area full-time-equivalent employees. The unit reported net income of $48.68 million last year, up from $34.5 million the previous year, a gain attributed to favorable loss experience throughout its major product lines.
Assurant Employee Benefits offers group disability, dental, life, vision and supplemental insurance products, as well as individual dental plans. It serves more than 30,000 small and midsize employers.
The division's presence in Kansas City dates to 1975. In October, CEO John Roberts announced his retirement, effective Jan. 1. On June 1, J. Marc Warrington became president of Assurant Employee Benefits.