{"id":394401,"date":"2020-12-07T09:03:43","date_gmt":"2020-12-07T14:03:43","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=394401"},"modified":"2020-12-07T09:03:43","modified_gmt":"2020-12-07T14:03:43","slug":"sun-life-and-eckler-ltd-announce-176-million-annuity-deal-with-corby-spirit-and-wine-limited-and-hiram-walker-sons-limited","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/sun-life-and-eckler-ltd-announce-176-million-annuity-deal-with-corby-spirit-and-wine-limited-and-hiram-walker-sons-limited\/","title":{"rendered":"Sun Life and Eckler Ltd. announce $176 million annuity deal with Corby Spirit and Wine Limited, and Hiram Walker &amp; Sons Limited"},"content":{"rendered":"<div class=\"xn-newslines\">\n<p class=\"xn-distributor\">Canada NewsWire<\/p>\n<\/p><\/div>\n<div class=\"xn-content\">\n<p>\n        <i>Largest Canadian de-risking transaction during initial months of COVID-19<\/i>\n      <\/p>\n<p>\n        <span class=\"xn-location\">TORONTO<\/span>, <span class=\"xn-chron\">Dec. 7, 2020<\/span> \/CNW\/ &#8211;\u00a0Amidst volatile markets caused by the COVID-19 pandemic, Sun Life, in consultation with Eckler Ltd., secured a <span class=\"xn-money\">$176 million<\/span> annuity buy-in \u2013 the largest Canadian de-risking transaction in the first half of 2020. The deal is with Corby Spirit and Wine Limited (&#8220;Corby&#8221;) and <span class=\"xn-person\">Hiram Walker<\/span> &amp; Sons Limited (&#8220;Hiram Walker&#8221;), manufacturers and marketers of spirits and wines. <span class=\"xn-person\">Hiram Walker<\/span>, Corby&#8217;s majority shareholder, is a wholly-owned Canadian subsidiary of international spirits and wine company Pernod Ricard S.A., which is headquartered in <span class=\"xn-location\">Paris, France<\/span>.<\/p>\n<p>While some plan sponsors have put de-risking plans on the back burner due to market conditions and governance hurdles, <span class=\"xn-person\">Corby and Hiram Walker<\/span> saw an opportunity. Sun Life&#8217;s strong risk management culture and innovative capabilities helped secure this transaction. This deal highlights a continuing trend in the Canadian market, as plan sponsors seek better risk management solutions so they can focus on their core business. <\/p>\n<p>&#8220;A deal of this size and scale during a global pandemic demonstrates our competitive approach and ability to provide long-term protection for retirees,&#8221; says <span class=\"xn-person\">Brent Simmons<\/span>, Head of Defined Benefit Solutions at Sun Life. &#8220;Despite a volatile market, we planned strategically, working alongside Eckler, and were able to produce a great outcome for <span class=\"xn-person\">Corby and Hiram Walker<\/span>.&#8221;<\/p>\n<p>&#8220;Our people, both current and retired, remain a top priority for us and this deal helps provide financial security for our retirees and beneficiaries,&#8221; said <span class=\"xn-person\">Melissa James<\/span>, Vice President, Total Rewards &amp; Organizational Effectiveness, Pernod Ricard North America. &#8220;We were impressed with Eckler&#8217;s guidance, as well as the partnership with Sun Life. During a time that has provided so much uncertainty, we were pleased that Sun Life and Eckler were able to provide us with some level of certainty and stability for our retirees.&#8221;<\/p>\n<p>Actuarial consulting firm, Eckler worked closely with Sun Life to advise <span class=\"xn-person\">Corby and Hiram Walker<\/span> on the development of the de-risking plan. &#8220;We are delighted to bring Sun Life, <span class=\"xn-person\">Corby and Hiram Walker<\/span> together to complete this milestone transaction. With it, <span class=\"xn-person\">Corby and Hiram Walker<\/span> meet key business objectives, while protecting their pensioners&#8217; benefits,&#8221; said <span class=\"xn-person\">Daniella Vega<\/span>, Principal, <span class=\"xn-person\">Eckler Ltd.\u00a0<\/span>&#8220;It gives real meaning to Eckler&#8217;s purpose to work together to help create a secure future for Canadians.&#8221;<\/p>\n<p>The deal covers 750 retirees and beneficiaries within <span class=\"xn-location\">Canada<\/span>. There will be no change for members, who will continue to be paid from the plan as before the transaction. The deal closed on <span class=\"xn-chron\">May 20, 2020<\/span>. <\/p>\n<p>\n        <b>About Sun Life <br \/><\/b>Sun Life is a leading international financial services organization providing insurance, wealth and asset management solutions to individual and corporate Clients. Sun Life has operations in a number of markets worldwide, including <span class=\"xn-location\">Canada<\/span>, <span class=\"xn-location\">the United States<\/span>, the <span class=\"xn-location\">United Kingdom<\/span>, <span class=\"xn-location\">Ireland<\/span>, <span class=\"xn-location\">Hong Kong<\/span>, <span class=\"xn-location\">the Philippines<\/span>, <span class=\"xn-location\">Japan<\/span>, <span class=\"xn-location\">Indonesia<\/span>, <span class=\"xn-location\">India<\/span>, <span class=\"xn-location\">China<\/span>, <span class=\"xn-location\">Australia<\/span>, <span class=\"xn-location\">Singapore<\/span>, <span class=\"xn-location\">Vietnam<\/span>, <span class=\"xn-location\">Malaysia<\/span> and <span class=\"xn-location\">Bermuda<\/span>. As of <span class=\"xn-chron\">September 30, 2020<\/span>, Sun Life had total assets under management of <span class=\"xn-money\">$1,186 billion<\/span>. For more information, please visit\u00a0<a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3003039-1&amp;h=2680858457&amp;u=http%3A%2F%2Fwww.sunlife.com%2F&amp;a=www.sunlife.com\" rel=\"nofollow noopener noreferrer\">www.sunlife.com<\/a>. Sun Life Financial Inc. trades on the <span class=\"xn-location\">Toronto<\/span> (TSX), <span class=\"xn-location\">New York<\/span> (NYSE) and Philippine (PSE) stock exchanges under the ticker symbol SLF.<\/p>\n<p>Sun Life&#8217;s Defined Benefit Solutions is a team of experienced pension and investment professionals, whose mandate is to help Canadian companies manage the risks of their defined benefit pension plans. The team works closely with plan sponsors, consultants and other industry experts to deliver innovative and customized solutions.<\/p>\n<p>\n        <b>About Corby<br \/><\/b>Corby Spirit and Wine Limited is a leading Canadian manufacturer, marketer and distributor of spirits and imported wines. Corby&#8217;s portfolio of owned-brands includes some of the most renowned brands in <span class=\"xn-location\">Canada<\/span>, including J.P. Wiser&#8217;s\u00ae, Lot 40\u00ae, and Pike Creek\u00ae Canadian whiskies, Lamb&#8217;s\u00ae rum, Polar Ice\u00ae vodka and McGuinness\u00ae liqueurs, as well as Ungava\u00ae gin, Cabot Trail\u00ae maple-based liqueurs and Chic Choc\u00ae spiced rum, and Foreign Affair\u00ae wines. Through its affiliation with Pernod Ricard S.A., a global leader in the spirits and wine industry, Corby also represents leading international brands such as ABSOLUT\u00ae vodka, Chivas Regal\u00ae, The Glenlivet\u00ae and Ballantine&#8217;s\u00ae Scotch whiskies, Jameson\u00ae Irish whiskey, Beefeater\u00ae gin, Malibu\u00ae rum, Kahl\u00faa\u00ae liqueur, Mumm\u00ae champagne, and Jacob&#8217;s Creek\u00ae, Wyndham Estate\u00ae, Stoneleigh\u00ae, Campo Viejo\u00ae, and Kenwood\u00ae wines. Corby is a publicly traded company based in <span class=\"xn-location\">Toronto, Ontario<\/span>, and is listed on the Toronto Stock Exchange under the trading symbols CSW.A and CSW.B.\u00a0 For further information, please visit our <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3003039-1&amp;h=2231041599&amp;u=https%3A%2F%2Fapc01.safelinks.protection.outlook.com%2F%3Furl%3Dhttp%253A%252F%252Fwww.corby.ca%252F%26data%3D02%257C01%257CMelissa.James%2540pernod-ricard.com%257Cb637532ed1fd4ce4e1b708d8482f5ed3%257C933c9cbe35d34416abbdddd1bca5879c%257C0%257C0%257C637338715574756727%26sdata%3DPgJ%252Bw88SoRhDcOHXdshunk8nvhmTV7nKppI9Jd7%252Fjo4%253D%26reserved%3D0&amp;a=website\" rel=\"nofollow noopener noreferrer\">website<\/a>\u00a0or follow us on <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3003039-1&amp;h=366820953&amp;u=https%3A%2F%2Fapc01.safelinks.protection.outlook.com%2F%3Furl%3Dhttps%253A%252F%252Fwww.linkedin.com%252Fcompany%252Fcorby-distilleries-limited%253Ftrk%253Dcompany_logo%26data%3D02%257C01%257CMelissa.James%2540pernod-ricard.com%257Cb637532ed1fd4ce4e1b708d8482f5ed3%257C933c9cbe35d34416abbdddd1bca5879c%257C0%257C0%257C637338715574766720%26sdata%3DZHGHWUD77ledUKOCDBPXw3Sg%252BHLD7ljciLBIF%252FFVPOA%253D%26reserved%3D0&amp;a=LinkedIn\" rel=\"nofollow noopener noreferrer\">LinkedIn<\/a>.<\/p>\n<p>\n        <b>About <span class=\"xn-person\">Hiram Walker<\/span> &amp; Sons Limited<\/b>\n      <\/p>\n<p>Established over 160 years ago,\u00a0Hiram Walker\u00a0&amp; Sons Limited&#8217;s tradition of blending quality ingredients, processes and highly skilled people continues at the\u00a0Windsor, Ontario\u00a0based production facility.\u00a0Hiram Walker\u00a0produces brands such as\u00a0J.P. Wiser&#8217;s, Lot No. 40, Pike Creek, Gooderham &amp; Worts\u00ae and Royal Reserve\u00ae Canadian whiskies, Polar Ice vodka, Malibu\u00ae and Lamb&#8217;s rums, and McGuinness liqueurs for Canadian distribution by its affiliate, Corby Spirit and Wine Limited.\u00a0Hiram Walker &amp; Sons Limited\u00a0is a subsidiary of Pernod Ricard S.A.<\/p>\n<p>\n        <b>About Eckler Ltd. <\/b>\n      <\/p>\n<p>Eckler is <span class=\"xn-location\">Canada&#8217;s<\/span> largest independent actuarial consulting firm. Based in <span class=\"xn-location\">Canada<\/span> and the <span class=\"xn-location\">Caribbean<\/span>, we&#8217;re a team of committed and highly skilled professionals in the areas of pension, retirement, financial wellness, investment, group benefits, change management and communication, along with insurance and technology consulting. Owned and operated by active Principals, the company has earned a reputation for service continuity and high professional standards. Eckler is a founding member of Abelica Global \u2013 an international alliance of independent actuarial and consulting firms operating in over 20 countries. Visit <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3003039-1&amp;h=4232653503&amp;u=http%3A%2F%2Fwww.eckler.ca%2F&amp;a=eckler.ca\" rel=\"nofollow noopener noreferrer\">eckler.ca<\/a> to learn more. <\/p>\n<p>\n        <b>Note to editors: All figures in Canadian dollars except as otherwise noted.<\/b>\n      <\/p>\n<p>\n        <span>Media Relations Contacts:\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <br \/><\/span><br \/>\n        <span><br \/>\n          <span class=\"xn-person\">Laura Torchia<\/span><br \/>\n          <br \/>\n        <\/span><br \/>\n        <span>Manager, Corporate Communications<br \/><\/span><br \/>\n        <span>T. 416-540-5918<br \/><\/span><br \/>\n        <span><br \/>\n          <a target=\"_blank\" href=\"laura.torchia@sunlife.com\" rel=\"nofollow noopener noreferrer\"><br \/>\n            <span>laura.torchia@sunlife.com<\/span><br \/>\n          <\/a><br \/>\n        <\/span><br \/>\n        <span><\/span><br \/>\n        <span \/>\n      <\/p>\n<p>\n        <span><br \/>\n          <span class=\"xn-person\">Nancy Lee Martin<\/span><br \/>\n          <br \/>\n        <\/span><br \/>\n        <span>Corporate Marketing &amp; Communications Manager<br \/><\/span><br \/>\n        <span>T. 416-696-4086 <br \/><\/span><br \/>\n        <span><br \/>\n          <a target=\"_blank\" href=\"nlmartin@eckler.ca\" rel=\"nofollow noopener noreferrer\"><br \/>\n            <span>nlmartin@eckler.ca<\/span><br \/>\n          <\/a><br \/>\n        <\/span><br \/>\n        <span>\u00a0<\/span>\n      <\/p>\n<p>\n        <span>Valerie Brive-Turtle<\/span><br \/>\n        <span><br \/>\n          <br \/>\n        <\/span><br \/>\n        <span>Director, Communications, PR &amp; SR<br \/>T.\u00a0416-479-2492\u00a0<br \/><\/span><br \/>\n        <span><br \/>\n          <a target=\"_blank\" href=\"Valerie.brive-turtle@pernod-ricard.com\" rel=\"nofollow noopener noreferrer\"><br \/>\n            <span>Valerie.brive-turtle@pernod-ricard.com<\/span><br \/>\n          <\/a><br \/>\n        <\/span>\n      <\/p>\n<p>SOURCE  Sun Life Financial Inc.<\/p>\n<\/p><\/div>\n<p>    <img decoding=\"async\" alt=\"\" src=\"https:\/\/rt.prnewswire.com\/rt.gif?NewsItemId=C7287&amp;Transmission_Id=202012070900CANADANWWEB______C7287&amp;DateId=20201207\" style=\"border:0px;width:1px;height:1px\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Canada NewsWire Largest Canadian de-risking transaction during initial months of COVID-19 TORONTO, Dec. 7, 2020 \/CNW\/ &#8211;\u00a0Amidst volatile markets caused by the COVID-19 pandemic, Sun Life, in consultation with Eckler Ltd., secured a $176 million annuity buy-in \u2013 the largest Canadian de-risking transaction in the first half of 2020. The deal is with Corby Spirit and Wine Limited (&#8220;Corby&#8221;) and Hiram Walker &amp; Sons Limited (&#8220;Hiram Walker&#8221;), manufacturers and marketers of spirits and wines. Hiram Walker, Corby&#8217;s majority shareholder, is a wholly-owned Canadian subsidiary of international spirits and wine company Pernod Ricard S.A., which is headquartered in Paris, France. While some plan sponsors have put de-risking plans on the back burner due to market conditions and governance hurdles, Corby and &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/sun-life-and-eckler-ltd-announce-176-million-annuity-deal-with-corby-spirit-and-wine-limited-and-hiram-walker-sons-limited\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Sun Life and Eckler Ltd. announce $176 million annuity deal with Corby Spirit and Wine Limited, and Hiram Walker &amp; Sons Limited&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-394401","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Sun Life and Eckler Ltd. announce $176 million annuity deal with Corby Spirit and Wine Limited, and Hiram Walker &amp; Sons Limited - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/sun-life-and-eckler-ltd-announce-176-million-annuity-deal-with-corby-spirit-and-wine-limited-and-hiram-walker-sons-limited\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Sun Life and Eckler Ltd. announce $176 million annuity deal with Corby Spirit and Wine Limited, and Hiram Walker &amp; Sons Limited - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Canada NewsWire Largest Canadian de-risking transaction during initial months of COVID-19 TORONTO, Dec. 7, 2020 \/CNW\/ &#8211;\u00a0Amidst volatile markets caused by the COVID-19 pandemic, Sun Life, in consultation with Eckler Ltd., secured a $176 million annuity buy-in \u2013 the largest Canadian de-risking transaction in the first half of 2020. The deal is with Corby Spirit and Wine Limited (&#8220;Corby&#8221;) and Hiram Walker &amp; Sons Limited (&#8220;Hiram Walker&#8221;), manufacturers and marketers of spirits and wines. Hiram Walker, Corby&#8217;s majority shareholder, is a wholly-owned Canadian subsidiary of international spirits and wine company Pernod Ricard S.A., which is headquartered in Paris, France. While some plan sponsors have put de-risking plans on the back burner due to market conditions and governance hurdles, Corby and &hellip; Continue reading &quot;Sun Life and Eckler Ltd. announce $176 million annuity deal with Corby Spirit and Wine Limited, and Hiram Walker &amp; Sons Limited&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/sun-life-and-eckler-ltd-announce-176-million-annuity-deal-with-corby-spirit-and-wine-limited-and-hiram-walker-sons-limited\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2020-12-07T14:03:43+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/rt.prnewswire.com\/rt.gif?NewsItemId=C7287&amp;Transmission_Id=202012070900CANADANWWEB______C7287&amp;DateId=20201207\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/sun-life-and-eckler-ltd-announce-176-million-annuity-deal-with-corby-spirit-and-wine-limited-and-hiram-walker-sons-limited\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/sun-life-and-eckler-ltd-announce-176-million-annuity-deal-with-corby-spirit-and-wine-limited-and-hiram-walker-sons-limited\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"Sun Life and Eckler Ltd. announce $176 million annuity deal with Corby Spirit and Wine Limited, and Hiram Walker &amp; 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