Lincoln Financial Group has completed its acquisition of Liberty Life Assurance Co. of Boston.
The transaction included reinsuring Liberty Life Assurance's individual life and annuity business to Protective Life Corp. subsidiaries Protective Life Insurance Co. and Protective Life & Annuity Insurance Co. The reinsurance transaction is expected to represent a capital investment by Protective Life of roughly $1.2 billion.
The acquisition of Liberty Life Assurance was financed with cash and the issuance of debt. The transaction is expected to be accretive to Lincoln Financial's EPS in 2019, excluding integration costs.
Goldman Sachs & Co. LLC acted as financial adviser to Lincoln Financial, and Wachtell Lipton Rosen & Katz and Sidley Austin LLP served as legal advisers. Barclays acted as financial adviser to Liberty Mutual, and Skadden Arps Slate Meagher & Flom LLP was the company's legal adviser.
Lincoln Financial Group is the marketing name for Lincoln National Corp. and its affiliates.