Maritime Life Completes Assumption of Liberty Health

On July 8, 2003, The Maritime Life Assurance Company, a subsidiary of Boston-based John Hancock Financial Services, Inc., completed the assumption of the insurance business of Liberty Health, a Canadian division of Liberty International, a subsidiary of U.S.-based Liberty Mutual Group. The $140 million transaction will add approximately $700 million in premiums and premium equivalents, primarily to Maritime Life’s group insurance operations. Maritime Life has assumed the entire business of Liberty Health, which includes its group life, disability and health divisions, and individual health insurance business.

Maritime Life’s legal team was led by Heather Hannon, vice-president and general counsel, and included Goodmans LLP with a team led by Daniel Gormley, and including Justin Beber and Victor Liu (corporate), Maureen Berry (tax), Amalia Trister (IP), Joel Schachter (Investment Canada), Patricia Robinson (employment) and Joe Morrison (labour).

Liberty was represented by Blaney McMurtry LLP, with a team led by Crawford Spratt and Stanley Kugelmass, and including Renato Chiaradia and Regina Lee (corporate), Jill McCutcheon and Tracy Dewar (insurance/regulatory), Barry Prentice, Elizabeth Forster and Mark Geiger (employment/labour), Alex Mesbur, Q.C. (competition) and Paul Schnier and Mona Taylor (tax).