Protective to acquire $661m of insurance blocks from Genworth
Protective Life Insurance Company, a wholly owned US subsidiary of the Dai-ichi Life Insurance Company, has agreed to acquire blocks of insurance from Genworth Life and Annuity Insurance Company.
Protective acquired the in force blocks for around $661 million via reinsurance. The transaction is expected to close early in the first quarter of 2016, subject to customary regulatory approvals and closing conditions.
John Johns, protective’s chairman, president and chief executive officer (CEO), said: “We are pleased to announce this important acquisition transaction. The blocks we are acquiring from Genworth are exactly what we typically look for in an acquisition opportunity. They are comprised of long-term, seasoned life insurance reserves added between 2001 and 2005.
“We are seeing good acquisition opportunities in the market, and we are confident that our proven, industry-leading acquisition capabilities provide a solid platform for continued strong growth at Protective.”
Koichiro Watanabe, president of Dai-ichi Life, added: “We have been pleased at our success to enter the US life insurance market working through such an outstanding company as Protective.
“Utilising Protective’s distinctive acquisition capabilities, we are now able to announce this important acquisition and report good progress on the goals we laid out in our 3-year D-Ambitious plan.”
The transaction is the first acquisition transaction since Protective became part of Dai-ichi Life on February 1 of this year.
