RBC Insurance Acquires UnumProvident Canada

RBC Insurance, the insurance arm of Royal Bank of Canada, has acquired the Canadian operations of Provident Life and Accident Insurance Co., also known as UnumProvident Canada. Under the terms of the deal which closed May 3, 2004, RBC Insurance assumed approximately $1.8 billion of UnumProvident’s Canadian policy liabilities and invested up to $500 million to complete the transaction and support the business going forward.

RBC Insurance was represented in-house by Peter Leonard, with assistance from Anthony Pagano, Robert Bell, Sheila Beatty, Shane Priemer, Catherine Nicholson, Danna Donald and Kimberly Walters; and by McMillan Binch, with a team led by Ted Scott and Rob Scavone (corporate/insurance) that included Bruce McWilliam (transition services/technology), Susan Nickerson (pensions), Harold Rolph (labour and employment), David Wentzell and Jamie Wilks (tax) and Neil Campbell (competition).

UnumProvident’s legal team was led by Dean Copeland, general counsel, and Chris Parrott, vice-president and senior counsel, with assistance from John Walker and a McCarthy Tétrault team that included Nancy Carroll, Sean Sorensen, Ormonde Benson (corporate/insurance), Adam Vereshack (transition services/technology), Lorraine Allard (pensions), Dean Palmer (labour and employment), Jillian Welch and Jim Warnock (tax) and Oliver Borgers (competition).