Birmingham, Ala. (June three, 2019): Protecting Life Company (Protecting), an entirely owned U.S. subsidiary of Dai-ichi Life Holdings, Inc. (TSE:8750), introduced right this moment that its principal subsidiary, Protecting Life Insurance coverage Firm (Protecting Life), and Protecting Life & Annuity Insurance coverage Firm, accomplished the transaction with Nice-West Life & Annuity Insurance coverage Firm (GWL&A) to amass through reinsurance considerably all of its particular person life and annuity enterprise. The transaction was introduced on January 24, 2019.
The transaction is predicted to signify a capital funding by Protecting of roughly $1.2 billion and is the corporate’s largest acquisition so far. The enterprise being transferred, which has been marketed below the Nice-West Monetary model, consists of bank-owned and corporate-owned life insurance coverage, single premium life insurance coverage, particular person annuities, and a portion of Nice-West’s closed block life insurance coverage and annuities. GWL&A is retaining a block of taking part insurance policies, which is able to now be administered by Protecting.
"We're proud to announce the closing of our 57th acquisition,” mentioned Richard J. Bielen, Protecting’s President and Chief Govt Officer. “That is an thrilling time in Protecting’s historical past. The addition of this seasoned, steady block of enterprise diversifies our product combine, whereas offering strategic alternatives within the financial institution distribution channel and aggressive positioning in new markets. We sit up for the chance to serve extra prospects.”
That is the fourth acquisition accomplished since Protecting grew to become a part of Dai-ichi in 2015. Dai-ichi considers Protecting to be its North American progress platform and continues to purpose for additional growth within the area, by each acquisitions and natural progress in Protecting’s retail gross sales.
Morgan Stanley & Co. LLC acted as monetary advisor to Protecting for the transaction and Willkie Farr & Gallagher LLP acted as authorized counsel.
About Protecting Life Company
Protecting Life Company (Protecting) offers monetary companies by the manufacturing, distribution and administration of insurance coverage and funding merchandise all through the U.S. Protecting traces its roots to its flagship firm, Protecting Life Insurance coverage Firm – based in 1907. All through its greater than 110-year historical past, Protecting’s progress and success will be largely attributed to its ongoing dedication to serving individuals and doing the precise factor – for its staff, distributors, and most significantly, its prospects. Protecting’s dwelling workplace is positioned in Birmingham, Alabama, and its three,000+ staff are positioned in workplaces throughout the US. As of March 31, 2019, Protecting had belongings of roughly $92 billion. Protecting Life Company is an entirely owned subsidiary of Dai-ichi Life Holdings, Inc. (TSE:8750). For extra details about Protecting, please go to www.Protecting.com.
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