Birmingham's Protective Life enters coinsurance deal
Published: Saturday, October 23, 2010, 1:21 PM Updated: Saturday, October 23, 2010, 4:13 PM
Protective Life Corp. has entered into a $310 million agreement with Liberty Life Insurance Co. under which the Birmingham-based insurer will co-insure all of Liberty's life and health business.
The deal, expected to close in the first quarter of 2011, is anticipated to boost Protective's earnings per diluted share 22 cents to 26 cents in 2011 and 34 cents to 38 cents per share in 2012, the company said in a prepared statement.
The deal will close in conjunction with Athene Holding's acquisition of Liberty Life from an affiliate of Royal Bank of Canada.
John D. Johns, Protective CEO, said the coinsurance deal and the acquisition of United Investors Life Insurance Co. from Liberty National Life Insurance Co., announced last month, collectively will increase Protective's life insurance reserves by 18 percent.
"Protective has a proven track record of successfully acquiring companies and blocks of business, and this transaction demonstrates once again our industry-leading capabilities in this strategically important area of our business," Johns said in a prepared statement.
Monday, October 25, 2010
Birmingham's Protective Life enters coinsurance deal
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