US-based Torchmark, a life and supplemental health insurance provider, said that its subsidiary Liberty National Life Insurance has completed the sale of its wholly owned subsidiary United Investors Life Insurance to Protective Life Insurance for $343m.
Prior to closing, approximately $305m of assets, at fair value, were distributed from United Investors to Liberty.
According to Torchmark, the combined total of the purchase price and the pre-closing distributions to Liberty was approximately $648m.
Torchmark added that the sale of United Investors will provide additional free cash flow to the parent company of approximately $250 to $320m in 2011.
Bank of America Merrill Lynch has acted as a financial advisor to Torchmark.
Torchmark is a holding company specializing in life and supplemental health insurance for middle income Americans, marketed through multiple distribution channels including direct response, and exclusive and independent agencies.