Sun Life Financial Inc. has sold its life reinsurance business to Berkshire Hathaway Life Co., the Canadian company announced yesterday.

The move will not impact Sun Life's Bermuda operation, which employs around 50 people, and sells life insurance, annuity and investment products tailored for high net worth individuals.

Sun Life's reinsurance business has approximately 70 employees in offices in Canada, the US and Ireland. The unit assumes risks from life reinsurers and has life insurance in-force of $113 billion Canadian dollars.