Protective Life Corporation, a wholly owned U.S. subsidiary of Dai-ichi Life Holdings, Inc., has reached an agreement with Lincoln Financial Group under which its principal subsidiary, Protective Life Insurance Company, 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.
Protective Life said in a statement that 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."
When closed, this acquisition will be the third transaction completed since Protective joined Dai-ichi in 2015.
Alexander Dye and Rajab Abbassi led the team from Willkie Farr & Gallagher LLP as legal adviser to Protective. Todd Freed, Hal Hicks, Neil Leff, Young Park, Elena Coyle, Barry Chang, and James Talbot were on the team from Skadden, Arps, Slate, Meagher & Flom LLP representing Liberty.