October 11, 2016

Windsor insurer merging with Penn Mutual

Horsham, Pa.-based Penn Mutual Life Insurance Co. is combining with Windsor's Vantis Life Insurance Co., while retaining their respective brands, management teams and headquarters.

The deal is expected to expand Penn Mutual's presence in the industry by leveraging Vantis Life's bank-focused distribution model. Vantis Life will become a wholly-owned affiliate of Penn Mutual, a Pennsylvania mutual life insurer since 1847.

The deal, which is contingent upon regulatory approval, allows Penn Mutual to expand the reach of its life insurance and annuity products through Vantis Life's direct-to-consumer and bank channels, complementing the adviser network that already does business with Penn Mutual.

"Penn Mutual is committed to growing our leadership position within the life insurance industry and maintaining our strong track record of success," said Eileen McDonnell, chairman and CEO, Penn Mutual. "This combination will allow us to reach more Americans with much needed financial products and advice."

Vantis Life has distribution agreements with more than 150 banks and credit unions, including large super-regional and regional banks, and a footprint that spans 45 states with more than 10,000 branch locations.

Penn Mutual is one of only 12 life insurers to maintain a rating of A or better by A.M. Best for more than 75 years—making the list for 88 consecutive years and is currently rated A+ (Superior) by A.M. Best. Penn Mutual is rated Aa3 (Excellent) by Moody's and A+ (Strong) by Standard & Poor's. The outlook for all three ratings is stable.

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