Wilton Re Ltd is buying the majority of Aegon N.V.’s operations in Canada for $600 million, Wilton says.

The purchase includes companies operating under the umbrella of Transamerica Life Canada, including Canadian Premier Life, Legacy General Insurance Company, Aegon Capital Management, Aegon Fund Management, CRI Canada and Selient.

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The deal is being funded by equity capital from Wilton Re’s owner, the Canada Pension Plan Investment Board. The CPPIB bought Wilton Re for US$1.8 billion in March 2014.

“Wilton Re is committed to the middle market, and Transamerica Canada is well positioned to serve the middle market in Canada,” says Chris Stroup, Chairman and CEO of Wilton Re.

Transamerica Canada employees learned of the deal this morning in a company-wide email. President and CEO Doug Brooks also held two meetings with workers in Toronto.

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Transamerica’s Canadian insurance business includes a $10.6 billion portfolio made up of individual life, annuity and segregated funds policies as well as credit insurance products. In 2013, it had more than $680 million in gross life premium revenue and more than 538,000 policies. Wilton Re has US$14.5 billion in assets.

Wilton Re is also buying Aegon Capital Management, an investment manager, and Aegon Fund Management, a mutual fund company. No significant changes to business operations are expected.

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Speaking to a group of insurers at a conference in Toronto, Transamerica director Ronald Corey said the company would be keeping its full staff.

The deal is expected to close in early 2015.

UBS, Torys LLP, Deloitte, Milliman and AlixPartners advised Wilton Re on the acquisition.