Guggenheim Wins Approval on Sun Life Deal After Review

Guggenheim Partners LLC shareholders won approval for a deal to buy a U.S. annuities business from Sun Life Financial Inc. after agreeing to policyholder protections sought by a New York regulator.

The buyers will set up a trust account with $200 million to replenish capital at the New York unit if it falls below required levels, according to a statement today from the state’s Department of Financial Services. Guggenheim will also need to get prior approval from the watchdog for “material changes” to operations, including dividends or reinsurance transactions.