December 29, 2016

Wade approves Vantis merger

Horsham, Pa.-based Penn Mutual Life Insurance Co. will combine with Windsor's Vantis Life Insurance Co. in a merger valued at $73.3 million, according to the Connecticut Insurance Department.

Commissioner Katharine L. Wade signed off on the merger on Dec. 21.

As announced in October, both companies will retain their respective brands, management teams and headquarters.

"Penn Mutual and Vantis will continue to maintain their corporate identities," Wade's decision states.

Vantis will remain headquartered in Windsor and "has committed to retain Vantis' current workforce," the document states.

The deal is expected to expand Penn Mutual's presence in the industry by leveraging Vantis Life's bank-focused distribution model.

The closing is expected to be completed by Dec. 31.

Comments
Free E-Newsletters

Sign up now for our daily and weekly
e-newsletters! Click Here

 
Today's Poll Will state lawmakers raise taxes in 2017 to balance the budget?<>
ADVERTISEMENTS
Most Popular on Facebook
Copyright 2017 New England Business Media