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Global Bankers Insurance purchasing Pramerica Life

A European affiliate of Global Bankers Insurance Group LLC agreed to acquire Pramerica Life SpA from Prudential International Investments Corp., a unit of Prudential Financial Inc.

Pramerica is a Milan-based insurance company focused on protection-oriented life insurance products. As of Dec. 31, 2017, it had €1.1 billion in total assets.

The deal should close in six to nine months, subject to regulatory approvals.

A.T. Kearney, Ernst & Young and Legance serve as advisers for Global Bankers, while Clifford Chance and KPMG are acting as advisers for Prudential Financial.