Jackson National Life is already a big name in the insurance industry, and now they’re getting even bigger. The Lansing-based firm announced last week that it will purchase SRLC America Holding Corp. from Swiss Re for $621 million.
“We’ve had a stated goal of diversifying our business portfolio and had indicated that we were looking for bolt on acquisitions that make logical sense to integrate with our business,” says Jackson’s Vice President of Corporate Communications, Matt Gonring. “This is something we’ve been looking for as on an ongoing basis.”
SRLC is a life insurance company that will bring approximately 1.5 million policies to Jackson. Jackson will also acquire assets related to SRLC of approximately $10 billion.
We’re excited to expand,” says Gonring. “It’s good to be growing. This supports our core capabilities and allows us to expand on them. We’re looking forward to bringing the businesses together.”
The transaction will require several steps, including regulatory approval, and is expected to be completed in the third quarter of this year.
Enjoy this story?
Sign up for free solutions-based reporting in your inbox each week.