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).
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.