services firm with an operation in Bermuda filed for an initial public offering of its common shares in Canada this week.

The move marks the last step in taking insurer Sun Life Assurance Co. of Canada public in the wake of a nation-wide movement.

The company plans to issue about 143.5 million common shares in Canada and the US, with a price range between $12-$15 a share for an estimated offering of $1.72 billion-$2.15 billion (all amounts are in Canadian dollars). The firm was set to file with the US Securities and Exchange Commission yesterday.

In the last year, most of Canada's major insurance firms have undertaken the task of becoming publicly traded companies, known as demutualisation, by offering policyholders shares or cash.

Sun Life has followed in the footprints of Clarica Life Insurance Co., Manulife Financial Corp., Canada Life Financial Corp. and Industrial-Alliance Life Insurance Co.

Sun Life Financial said it will not receive any net proceeds from the offering unless underwriters exercise any over-allotment options.

The insurance company, which started on the road to demutualisation in January, 1998, saw policyholders vote overwhelming for its plan on December 15.

It said it hoped to wrap up demutualisation during the week of March 20, and close the initial public offering in the following week.