Lincoln Financial Completes Acquisition of Liberty Life Assurance

Lincoln Financial Group announced it has completed its acquisition of Liberty Life Assurance Company of Boston. The transaction included reinsuring Liberty’s Individual Life and Annuity business to Protective Life Insurance Company.

“With the completion of this transaction, we have significantly increased our presence in the group benefits market while executing on our strategic priority to diversify our sources of earnings and leverage the strength of our balance sheet. We are also pleased to extend a warm welcome to the many talented employees joining us from Liberty, as they augment our already impressive team and will enable us to achieve even higher levels of success on behalf of our customers and shareholders” -President and CEO of Lincoln Financial Group, Dennis R. Glass.

With this acquisition, Lincoln Financial ranks first in market share in combined fully insured disability sales and third in combined total life and fully insured disability sales. Its group benefits organization now serves approximately 10 million employee customers across the US, through product offerings that include Disability, Life, Dental, Vision, Critical Illness, and Accident insurance, plus a full suite of absence management services.

“Today, with our acquisition complete, we go to the market with bigger, better and broader capabilities to offer our customers . By combining the outstanding talent and knowledge of both organizations, we will deliver to all size employers an outstanding customer experience, a broad and competitive product suite, and a market leading disability and absence management competency” – President of Lincoln Financial’s group benefits business, Dick Mucci.

Recall insurance-related M&A here.