Ameritas Life Insurance, headquartered in Lincoln, Nebraska, announced it has acquired, through coinsurance, two closed blocks of primarily whole life insurance policies with a total face amount of $2.1bn.
The effective date of the transaction, which officially closed in late December, was December 1, 2015.
"With this acquisition, Ameritas Life is delivering on a key component of our strategy – our commitment to grow our life insurance business," said Tim Stonehocker, executive vice president of Ameritas Life. "Driven by our fulfilling life commitment, this transaction allows us to help more people protect what is most cherished."
Ameritas Life will assume $1.3 billion of statutory reserves as part of the acquisition. The blocks of business acquired include nearly 80,000 in-force policies. Administrative duties for the acquired policies, including processing claims and paying dividends, will continue as currently provided.
Founded in 1887, Ameritas Life Insurance Corp. and its affiliated companies provide a wide range of insurance and financial services to customers throughout the United States, including life insurance; annuities; group dental, vision and hearing care insurance; individual disability income insurance; retirement plans; investments and public finance. Securities and investment advisory services offered through affiliate Ameritas Investment Corp