BIRMINGHAM, Ala. (AFX) - Protective Life Corp. said Monday a subsidiary completed its acquisition of JPMorgan Chase & Co.'s life insurance and annuity underwriting business.
Financial details of the transaction were not disclosed. The acquisition included five life insurance companies from the Chase Insurance Group and four non-insurance related companies, also from JPMorgan Chase.
Protective reinsured 42 percent of the Chase Insurance Group's business to Wilton Re Holdings Limited, except for variable annuities. The variable annuity business was completely reinsured to Allmerica Financial Life Insurance and Annuity Co., a subsidiary of Goldman Sachs Group Inc.
Chase Insurance Group had approximately 1.2 million life insurance and annuity policies in-force as of March 31, Protective said in a statement.
JPMorgan Chase separately said it would continue to meet customers insurance and annuity needs through third-party providers.
Shares of Protective rose 54 cents to close at $47.16 on the New York Stock Exchange, while shares of JPMorgan rose $1.21, or 2.9 percent, to close at $42.87 on the Big Board.
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