Japanese Dai-ichi Life Insurance has completed the acquisition of US-based insurer Protective Life, for around $5.7bn.
The deal was first announced in early June 2013.
As part of the deal, Dai-ichi paid $70 per share in cash for all outstanding shares of Protective, which will now operate as a wholly owned subsidiary of Dai-ichi Life.
With total assets of around $424bn, the strategic transaction is said to create the 13th largest global insurer, noted Protective.
Based at Protective’s current headquarters, its president and CEO John D. Johns and management team will continue to carry out operations of the business.
At the time of announcing the deal, Johns said: "This transaction will enable Protective to deliver substantial, immediate cash value to our shareholders while maintaining our mission and continuing on our growth trajectory."
Established in 1907, the US-based firm’s primary subsidiary Protective Life Insurance provides personalized products and services to meet the life insurance, retirement income and asset protection needs of individuals and families in the US.
Protective reports annual revenues of around $4bn and had assets of about $68.8bn, as of 31 December 2013.
Dai-ichi Life president Koichiro Watanabe earlier said: "With a strong leadership team, vibrant and growing retail franchise and long track record of profitable growth organically and through the acquisition and integration of attractive businesses, Protective is the ideal platform for expansion.
Dai-ichi Life operates in Japan, Australia, Vietnam, Indonesia, India and Thailand.
Image: DN Tower 21, headquarters of The Dai-ichi Mutual Life Insurance Company in Chiyoda, Tokyo, Japan. Photo: courtesy of Rs1421.