Protective Life Corp. has completed a transaction with Great-West Life & Annuity Insurance to acquire, via reinsurance, substantially all of its individual life and annuity business. The transaction was announced on Jan. 24.
The transaction is expected to represent a capital investment by Protective of approximately $1.2 billion and is the company’s largest acquisition to date. The business being transferred, which has been marketed under the Great-West Financial brand, includes 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 will now be administered by Protective.
“We are proud to announce the closing of our 57th acquisition,” said Richard J. Bielen, Protective’s president and CEO. “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.