what insurance company was clarica life changed to
Each company changed from a participating company to a publicly traded stock company in a process called demutualization. In 2002, Sun Life and Clarica amalgamated and formed one insurance company, Sun Life Assurance Company of Canada.ow a part of Sun Life. Sun Life Assurance Company of Canada (Sun Life) and Clarica Life Insurance Company (Clarica) were at one time two separate mutual companies, owned by their participating policyholders.