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 insurance policies which will be administered by Protective.
GWL&A’s retirement and investment management divisions, Empower Retirement and Great-West Investments, were not affected by this transaction.
GWL&A is an indirect, wholly owned subsidiary of Canada-based Great-West Lifeco Inc. (Great-West Lifeco).The business sold is in the United States and the transaction does not affect the life insurance businesses conducted in Canada or elsewhere by Great-West Lifeco.
Headquartered in Birmingham, Ala., Protective is a wholly owned U.S. subsidiary of Dai-ichi Life Holdings, Inc. (TSE:8750).
The reinsurance transaction with Protective 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. The business written in New York will be reinsured by Protective Life and Annuity Insurance Company.
Goldman, Sachs & Co. LLC acted as financial advisor to GWL&A for the transaction and Eversheds Sutherland (US), LLP acted as legal counsel.