Great-West closes sale of insurance and annuity business Great-West Life & Annuity Insurance Company (GWL&A) is announcing that it has completed the sale through reinsurance of substantially all of its individual life insurance and annuity business to Protective Life Insurance Company, the primary subsidiary of Protective Life Corporation (Protective). The sale was previously announced on January 24, 2019. The closing was effective June 1, 2019. The business transferred includes bank-owned and corporate-owned life insurance, single premium life insurance, individual annuities and closed block life insurance and annuities. GWL&A will retain a small block of participating life...
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Protective Life Insurance Disability Claims Navigating the disability insurance policy is challenging for the average person. They are written for attorneys, not consumers. The same can be said about the insurance companies. Protective Life Insurance Company is the reinsurance company for the disability insurance business owned by Liberty Life Insurance that was purchased by Lincoln Insurance. The Great West purchase was the 57th acquisition by Protective, which itself is a wholly owned U.S. subsidiary of Dai-ichi Life Holdings. Protective Life Corporation is a huge corporation, with a large number of employees to service owners of its 8.6 million policies/contracts. One person’s...
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Protective Life Corporation, a wholly owned US subsidiary of Dai-ichi Life, has agreed to purchase via reinsurance all of Great-West Life & Annuity Insurance Company’s (GWL&A) individual life insurance and annuity business for $1.2bn. The transaction will be carried out by Protective Life’s subsidiaries Protective Life Insurance Company, and Protective Life & Annuity Insurance Company. The portfolio of business being acquired 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. Following completion of the transaction, GWL&A will retain a block of...
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Lancaster Pollard Mortgage Company, LLC announced it has facilitated a refinancing between Protective Life Insurance Company and Agemark Corporation, which is based in Berkeley, Calif., and owns and operates assisted living (AL) and memory care (MC) facilities throughout the West and Midwest. Two of Agemark’s eight Nebraska properties—Countryhouse of Lincoln, a 37-unit memory care community, and Countryhouse of Omaha, a 38-unit memory care community—were encumbered with traditional bank debt. The principals of Agemark aimed to refinance the two facilities with long-term, non-recourse debt. “Having longstanding relationships with both Protective Life and Agemark, we were pleased to help the...
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Protective Life Insurance Review © Provided by Protective Life Insurance Review Protective Life Insurance Review Protective Life offers comprehensive term and permanent life insurance policies, depending on your specific needs and budget. Under the permanent life insurance umbrella, Protective offers whole, universal, variable universal, and indexed universal life insurance coverage. The company also offers a number of riders for extra coverage. Additionally, the company is rated above average for its customer service, which is important when it comes to choosing the right plan. Popular Searches If you’re purchasing life insurance for the first time, Protective Life offers a variety of...
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Experts in Turkey have warned people to take out compulsory earthquake insurance as soon as possible in order to protect themselves and their belongings. While insurance purchases are on the rise, people have also gone online in droves, searching for survival kits and tents. "Compulsory earthquake insurance sales increased 100% in our company as well as in the whole country," said Sibel Doğaç, a sales director at Quick Sigorta, an Istanbul-based insurance company. Thursday's 5.8-magnitude earthquake in Istanbul once again reminded people of the importance of insurance policies, Doğaç told Anadolu Agency (AA). Earthquakes create periodic and short-term demand for insurance policies, she said...
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TOKYO (Reuters) - Japan’s Dai-ichi Life Insurance Co has agreed to buy U.S. peer Protective Life for $5.7 billion, the largest acquisition by a Japanese insurer, displaying its determination to grow overseas to counter weak prospects at home. Dai-ichi Life, Japan’s second-largest private-sector life insurer, said it will issue up to 250 billion yen ($2.4 billion) in new shares to help finance the widely expected purchase of Protective Life. The Japanese insurer will retain existing management at the Birmingham, Alabama-based target, which booked premiums and policy fees of $2.98 billion and net income of $393 million in 2013. Faced with weak growth prospects at home amid Japan...
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The NIC Fall Conference is underway in Chicago and the deals are flowing like wine. Here are some recent transactions. Brookdale secures $160M credit facility Brookdale Senior Living (NYSE: BKD) secured a $160.3 million credit facility for a five-community, 945-unit portfolio in Alabama, Michigan, Pennsylvania and Texas. Brookdale has owned and operated the portfolio for over 10 years. The proceeds will be used to refinance the properties. CBRE National Senior Housing Vice Chairman Aron Will, First Vice President Austin Sacco and Vice President Matthew Kuronen arranged the loan on behalf of Brookdale through CBRE’s Fannie Mae multifamily loan origination program. The loan carries a 10-year...
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Protective completes $1.2bn reinsurance deal with Liberty Life Protective Life Corporation, a wholly owned U.S subsidiary of Dai-ichi Life Holdings, Inc., has announced that it has successfully completed the acquisition of all the individual life and annuity business of Liberty Life Assurance Company of Boston (Liberty Life) in a reinsurance deal valued at $1.2 billion. The transaction was implemented through Protective’s subsidiaries, Protective Life Insurance Company (Protective Life) and Protective Life & Annuity Insurance Company. Richard J. Bielen, President and Chief Executive Officer (CEO) of Protective, said: “We are pleased to announce the closing of our 49th life and...
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Among the solutions Fulcrum Partners offers organizations for informally funding nonqualified retirement plans is the design of institutionally priced corporate owned life insurance (COLI) and bank owned life insurance (BOLI). Although a high percentage of Fortune 500 companies rely on COLI or BOLI products to tax-efficiently fund liabilities, there are a limited number of large, established insurers in the business of providing institutional life insurance. When significant change occurs related to any one of these carriers, Fulcrum Partners monitors the event closely, apprising our clients and our peers of updates as they become available. On Thursday, January 24, 2019, Great-West Life...
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