Protective Life Insurance Company Acquires Great-West Financial
On January 24, 2019, Protective Life Insurance Company announced that it would acquire, via reinsurance, substantially all of Great-West Life & Annuity Insurance Company’s individual life and annuity businesses. The transaction, expected to represent a capital investment by Protective of approximately 1.2 billion, was completed on June 3, 2019. The transferred businesses, formerly marketed under the Great-West Financial brand, includes bank and corporate-owned life insurance, single premium life insurance, individual annuities, and a portion of their closed block life insurance and annuities.
As many dentists know, the American Dental Association (ADA) is partnered with Great-West Financial to offer a group disability income protection plan to its members, as well as an office overhead expense plan. Great-West has retained a block of participating policies, including the ADA Members Insurance Plans; however, these plans will now be administered by Protective Life Insurance Company (or Protective Life and Annuity Insurance Company for policies issued in New York).
Sources
Protective Closes Reinsurance Transaction with Great-West, Protective Corporate News, June 3, 2019
American Dental Association, Disability Insurance
Great-West Lifeco completes sale of U.S. individual life insurance an annuity business, CNW Group, June 3, 2019
Protective Life acquires part of Great-West Life for $1B, AP News, January 24, 2019
ADA News, Great-West Life announcement regarding ADA Members Insurance Plans, July 1, 2019.
