Protective Enters Agreement to Reinsure Liberty Life and Annuity Business
2018年1月19日 - 9:30PM
ビジネスワイヤ(英語)
Protective Life Corporation (“Protective”), a wholly owned U.S.
subsidiary of Dai-ichi Life Holdings, Inc. (TSE:8750, “Dai-ichi”),
announced that it has reached an agreement with Lincoln Financial
Group (“Lincoln”) under which its principal subsidiary, Protective
Life Insurance Company (“Protective Life”), and Protective Life
& Annuity Insurance Company, will acquire via reinsurance
substantially all of the individual life and annuity business of
Liberty Life Assurance Company of Boston (“Liberty Life”). The
reinsurance transaction will close in conjunction with Lincoln’s
acquisition of Liberty Life from affiliates of Liberty Group,
Inc.
The transaction represents a capital investment by Protective of
approximately $1.17 billion.
Richard J. Bielen, Protective’s President and Chief Executive
Officer, said, “We are excited to announce this transaction, the
largest acquisition in Protective’s history. This block of life and
annuity business is an ideal addition to our acquisition segment.
Together, Lincoln and Protective bring a broad spectrum of strength
and capabilities to this transaction, including long-term financial
stability and most importantly, a shared focus on providing value
to our customers.”
The life and annuity segments are a cornerstone of Protective’s
business. The addition of the Liberty Life individual life and
annuity business provides Protective the opportunity for growth and
expansion through these segments in the future.
When closed, this acquisition will be the third transaction
completed since Protective joined Dai-ichi in 2015. Dai-ichi
considers Protective to be the Group’s growth platform in North
America, and continues to aim for further expansion within the
region, through both acquisitions and organic growth in
Protective’s retail sales.
Willkie Farr & Gallagher LLP is acting as legal adviser to
Protective.
The closing is expected to occur in second quarter 2018, subject
to the receipt of regulatory approvals and satisfaction of
customary closing conditions.
ABOUT PROTECTIVE
Protective Life Corporation provides financial services through
the production, distribution and administration of insurance and
investment products throughout the U.S. The flagship subsidiary,
Protective Life Insurance Company, was founded in 1907.
Protective’s home office is located in Birmingham, Alabama. As of
December 31, 2016 the Company had assets of approximately $75.0
billion. Protective Life Corporation is a wholly owned subsidiary
of Dai-ichi Life Holdings, Inc. (TSE:8750, “Dai-ichi”)
For more information on Protective, please visit
www.Protective.com.
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version on businesswire.com: http://www.businesswire.com/news/home/20180119005300/en/
Protective Life CorporationBrittnie Bordonaro,
205-268-8611Corporate Communications