Global Bankers Insurance Group revealed that it is actively engaged in discussions with potential buyers for its US life insurance companies.
Headquartered in North Carolina, Global Bankers Insurance is the managing company for a group of insurance and reinsurance firms located in the US and in other parts of the world. The group specializes in all types of life and annuity products.
Its portfolio of companies includes direct writing insurance entities and reinsurance firms.
The company, in a statement, said: “Global Bankers made the decision to sell its domestic life insurance companies because it believes it is in the best interests of the Company, its policyholders, partners and employees.
“During this process, the collective focus of Global Bankers and its domestic insurance companies will remain squarely on their policyholders and providing solutions to help them address their immediate insurance needs and plan for their long-term financial goals.”
Some of the group’s member companies that are engaged in providing life and annuity products in the US are Colorado Bankers Life Insurance (CBLife), Bankers Life Insurance and Southland National Insurance.
CBLife, which was founded in 1974, is licensed to operate in 49 states with the exception of New York. The company offers individually underwritten supplemental coverage and annuities for various employer-sponsored, government and individual marketplaces.
The Texas-based Bankers Life Insurance, which trades as Western Bankers Life Insurance, provides fixed annuity products. It was founded in 1976 and is licensed to operate across 38 states.
Southland National Insurance has been active in life insurance, annuities and group dental insurance since its founding in 1969. The company is licensed to operate across 18 states.
Last September, Global Bankers Insurance signed a 20-year life bancassurance agreement with Portuguese bank Novo Banco in Portugal. As part of the agreement, the US firm is to acquire 100% of GNB Vida, the fully-owned life subsidiary of Novo Banco Group, through one of its European affiliates.
GNB Vida, which is based in Lisbon, provides protection, savings and retirement products which are distributed through Novo Banco in Portugal.