Protective Life Insurance Company and Protective Life & Annuity Insurance Company have completed a transaction with Great-West Life & Annuity Insurance Company (“GWL&A”) to acquire via reinsurance substantially all of its individual life and annuity business.
In a statement, Protective said that it expected the transaction to represent a capital investment by Protective of approximately $1.2 billion and that it was the company's largest acquisition to date.
The business transferred, which was marketed under the Great-West Financial brand, included bank-owned and corporate-owned life insurance, single premium life insurance, individual annuities, and a portion of Great-West's closed block life insurance and annuities.
GWL&A is retaining a block of participating policies, which now will be administered by Protective.
“We are proud to announce the closing of our 57th acquisition,” said Richard J. Bielen, Protective's president and chief executive officer. “This is an exciting time in Protective's history. The addition of this seasoned, stable block of business diversifies our product mix, while providing strategic opportunities in the bank distribution channel and competitive positioning in new markets. We look forward to the opportunity to serve more customers.”
This is the fourth acquisition completed since Protective became part of Dai-ichi in 2015. Dai-ichi considers Protective to be its North American growth platform and continues to aim for further expansion in the region, through both acquisitions and organic growth in Protective's retail sales.
Learn more: www.Protective.com.
Victoria Spears
Victoria Prussen Spears is senior vice president of Meyerowitz Communications Inc., a law firm marketing communications consulting company. A graduate of Sarah Lawrence College and Brooklyn Law School, Ms. Spears was an attorney at a leading New York City law firm before joining Meyerowitz Communications. She may be contacted at [email protected].