27 June 2016 Insurance

Pacific Life acquires business platform from Genworth

Pacific Life Insurance Company, a provider of life insurance products, has completed its acquisition of a term life business platform from Genworth Financial.

The term life business will be located in Lynchburg, Virginia, and will offer protection products to the mass market.

The initial distribution is expected to begin operations during the fourth quarter of 2016.

Pacific Life has hired certain Genworth staff, as agreed upon by the parties, and former Genworth staff who have the skills needed to launch this business.

According to Pacific Life, the transaction will allow it to fulfil the financial protection needs of a broader consumer market without disruption to its current business platforms and sales channels.

“The addition of Genworth’s proven term life new business technology platform will allow us to accelerate our growth into the protection business without sacrificing our focus and responsibility to our core markets of highly affluent individuals and businesses,” said Rick Schindler, executive vice president of Pacific Life’s life insurance division.

“We are excited about this opportunity to expand Pacific Life’s suite of innovative products and service capabilities to a broader market.”

Dawn Trautman, senior vice president of product and strategy management for the life insurance division, added: “This new business center in Lynchburg will be an integral part of Pacific Life’s life insurance capabilities.

“We expect to create at least 300 jobs within the next three years and be an employer of choice and a community partner in Lynchburg.”

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