We would love to hear from you. Click on the ‘Contact Us’ link to the right and choose your favorite way to reach-out!

wscdsdc

media/speaking contact

Jamie Johnson

business contact

Victoria Peterson

Contact Us

855.ask.wink

Close [x]
pattern

Blog + Articles

Categories

  • Industry Articles (13,144)
  • Industry Conferences (2)
  • Industry Job Openings (16)
  • Negative Media (127)
  • Positive Media (73)
  • Sheryl's Articles (497)
  • Sheryl's Blogs (147)
  • Wink's Articles (197)
  • Wink's Blogs (167)
  • Wink's Press Releases (77)
  • Blog Archives

  • August 2019
  • July 2019
  • June 2019
  • May 2019
  • April 2019
  • March 2019
  • February 2019
  • January 2019
  • December 2018
  • November 2018
  • October 2018
  • September 2018
  • August 2018
  • July 2018
  • June 2018
  • May 2018
  • April 2018
  • March 2018
  • February 2018
  • January 2018
  • December 2017
  • November 2017
  • October 2017
  • September 2017
  • August 2017
  • July 2017
  • June 2017
  • May 2017
  • April 2017
  • March 2017
  • February 2017
  • January 2017
  • December 2016
  • November 2016
  • October 2016
  • September 2016
  • August 2016
  • July 2016
  • June 2016
  • May 2016
  • April 2016
  • March 2016
  • February 2016
  • January 2016
  • December 2015
  • November 2015
  • October 2015
  • September 2015
  • August 2015
  • July 2015
  • June 2015
  • May 2015
  • April 2015
  • March 2015
  • February 2015
  • January 2015
  • December 2014
  • November 2014
  • October 2014
  • September 2014
  • August 2014
  • July 2014
  • June 2014
  • May 2014
  • April 2014
  • March 2014
  • February 2014
  • January 2014
  • December 2013
  • November 2013
  • October 2013
  • September 2013
  • August 2013
  • July 2013
  • June 2013
  • May 2013
  • April 2013
  • March 2013
  • February 2013
  • January 2013
  • December 2012
  • November 2012
  • October 2012
  • September 2012
  • August 2012
  • July 2012
  • June 2012
  • May 2012
  • April 2012
  • March 2012
  • February 2012
  • January 2012
  • December 2011
  • November 2011
  • October 2011
  • September 2011
  • August 2011
  • July 2011
  • June 2011
  • May 2011
  • April 2011
  • March 2011
  • February 2011
  • January 2011
  • December 2010
  • November 2010
  • October 2010
  • September 2010
  • August 2010
  • July 2010
  • June 2010
  • May 2010
  • April 2010
  • March 2010
  • February 2010
  • January 2010
  • December 2009
  • November 2009
  • October 2009
  • August 2009
  • June 2009
  • May 2009
  • April 2009
  • March 2009
  • November 2008
  • May 2008
  • February 2008
  • Protective Life Enters Agreement with Great-West to Reinsure Individual Life Insurance and Annuity Business

    January 30, 2019 by Protective Life

    BIRMINGHAM, Ala.–(BUSINESS WIRE)–Protective Life Corporation (Protective), a wholly owned U.S. subsidiary of Dai-ichi Life Holdings, Inc. (TSE:8750, Dai-ichi), announced that it has reached an agreement under which its subsidiaries, Protective Life Insurance Company (Protective Life), and Protective Life & Annuity Insurance Company, will acquire via reinsurance substantially all of Great-West Life & Annuity Insurance Company’s (GWL&A) individual life insurance and annuity business. The business to be 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 will retain a block of participating policies, which will be administered by Protective.

    The transaction represents an estimated capital investment by Protective of approximately $1.2 billion, subject to adjustment, and will be the largest acquisition in company history. It will also mark Protective’s entrance into the executive benefits market.

    “This business aligns well with our long-term plans for growth and scale. The life and annuity business has been a cornerstone of Protective throughout our history and will continue to be an area of future growth for the company,” said Richard J. Bielen, President and Chief Executive Officer, Protective. “Together, Great-West and Protective bring strength and stability to this transaction with a shared focus on serving people and doing the right thing – for our employees, our distributors, and most importantly, our customers. We are excited about the opportunity to reach new markets and provide valued protection to even more customers.”

    “The combined strength of the businesses built by Great-West and Protective creates new opportunities for our customers who will now be very well served by Protective,” said Robert L. Reynolds, Chief Executive Officer, GWL&A. “Our team is committed to ensuring a seamless transition to Protective for our customers who will continue to benefit from the product solutions we’ve developed to meet their needs.”

    When closed, this acquisition will be Protective’s 57th acquisition and its 50th life and annuity acquisition. It will be the fourth transaction completed since Protective became part of Dai-ichi in 2015. Dai-ichi considers Protective to be its North American growth platform and continues to aim for further expansion in the region, through both acquisitions and organic growth in Protective’s retail sales.

    The closing is expected to occur in the first half of 2019, subject to the receipt of regulatory approvals and satisfaction of customary closing conditions. The estimated invested capital and the ceding commission are subject to adjustment per the contract. The transaction includes business written by GWL&A, Great-West Life & Annuity Insurance Company of New York and the U.S. branches of GWL&A’s affiliates, The Canada Life Assurance Company and The Great-West Life Assurance Company. GWL&A’s retirement and investment management divisions, Empower Retirement and Great-West Investments respectively, are not affected by this transaction.

    Morgan Stanley & Co. LLC is acting as financial advisor to Protective in connection with the transaction. Willkie Farr & Gallagher LLP is acting as Protective’s legal counsel.

    About Protective Life Corporation

    Protective Life Corporation provides financial services through the production, distribution and administration of insurance and investment products throughout the U.S. The company traces its roots to the corporation’s flagship company, Protective Life Insurance Company – founded in 1907. Throughout its more than 110-year history, Protective’s growth and success can be largely attributed to its ongoing commitment to serving people and doing the right thing – for its employees, distributors, and most importantly, its customers. The company’s home office is located in Birmingham, Alabama, and its nearly 3,000 employees are located in offices across the United States. As of September 30, 2018, the Company had assets of approximately $91.8 billion. Protective Life Corporation is a wholly owned subsidiary of Dai-ichi Life Holdings, Inc. (TSE:8750). For more information about Protective, please visit www.Protective.com.

    About Great-West Life & Annuity Insurance Company

    Established 125 years ago, Great-West Life & Annuity Insurance Company administers a total of $602 billion in assets for approximately 9.1 million retirement, insurance and annuity customers, as of Sept. 30, 20182. The company’s offerings range from investments, life insurance, annuities and executive benefits products marketed under the Great-West Financial brand to retirement savings products and services provided by Empower Retirement, the nation’s second-largest retirement plan record keeper by participants1. To learn more, visit greatwest.com.

    Great-West Financial® is a registered mark of Great-West Life & Annuity Insurance Company. GWL&A is an indirect, wholly owned subsidiary of Great-West Lifeco Inc. and “A Member of the Power Financial Corporation Group of Companies” ® .

    1 Pensions & Investments April, 2018
    2 As of Sept. 30, 2018, includes accounts of Great-West Life & Annuity Insurance Company and its subsidiaries

    Contact:

    Brittnie Bordonaro, (o) 205.268.8611, (c) 256.339.8303, brittnie.bordonaro@protective.com 
    Stephen Gawlik, (o) 303.737.0899, (c) 617.417.4408, stephen.gawlik@greatwest.com

    Originally Posted at Protective Life on January 24, 2019 by Protective Life.

    Categories: Industry Articles
    currency