January 19, 2018

Lincoln Financial to acquire Boston life insurer for $3.3B

PHOTO | HBJ File
PHOTO | HBJ File
Lincoln Financial offices are located in Hartford's Metro Center, 350 Church St.

Radnor, Pa., financial advisor Lincoln Financial Group, which has a presence in Hartford, said Friday it has agreed to acquire Boston's Liberty Life Assurance Co. for $3.3 billion.

The deal, which will be financed with cash and debt, will keep Liberty's group benefits business intact and reinsure Liberty's individual life and annuity business as Protective Life Insurance Co. The closing, subject to regulatory and other customary conditions, is expected in the second quarter of 2018.

The combined business will feature life, disability, dental, vision, critical illness and accident insurance, plus absence management services. It will also have access to 10 million insureds and enable Lincoln Financial to accelerate its employee-paid sales, which have been an increasing area of focus, said Dennis R. Glass, Lincoln Financial Group's CEO.

"Through this transaction, Lincoln Financial will have a significantly increased presence in the Group Benefits market by complementing our existing small to middle-market strengths with even deeper large case and disability expertise," Glass said.

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