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Protective completes $1.2bn reinsurance deal with Liberty Life

2nd May 2018 - Author: Matt Sheehan

Protective Life Corporation, a wholly owned U.S subsidiary of Dai-ichi Life Holdings, Inc., has announced that it has successfully completed the acquisition of all the individual life and annuity business of Liberty Life Assurance Company of Boston (Liberty Life) in a reinsurance deal valued at $1.2 billion.

mergers and acquisitions reinsuranceProtective entered the reinsurance agreement with Lincoln Financial Group in January 2018 in conjunction with Lincoln’s takeover of Liberty Life from affiliates of Liberty Mutual Group, Inc.

The transaction was implemented through Protective’s subsidiaries, Protective Life Insurance Company (Protective Life) and Protective Life & Annuity Insurance Company.

Richard J. Bielen, President and Chief Executive Officer (CEO) of Protective, said: “We are pleased to announce the closing of our 49th life and annuity acquisition, the largest in our history.

“The addition of this stable, high-quality block of business provides us with a solid stream of earnings along with the unique opportunity to expand our distribution network and significantly grow our retail business. It is a testament to the strength and flexibility of our acquisition capabilities here at Protective.”

Lincoln purchased Liberty Life from Liberty Mutual Group for around $3.3 billion, and plans to retain its Group Benefits business after selling on the life and annuity operations.

The acquisition of the Liberty Life individual life and annuity business gives Protective the opportunity to further grow these segments, which are integral to the firm’s existing business.

Protective said the transaction will likely represent a capital investment of approximately $1.2 billion.

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