Pacific Life completes acquisition of Genworth term life business
June 29, 2016 by IFAwebnews Staff
Pacific Life Insurance Co. has completed its acquisition of the term life business platform from Genworth Financial, based in Richmond, Va.
The term life business will be located in Lynchburg, Va., where Genworth ran its term life unit.
The initial distribution is expected to begin operations during the fourth quarter of 2016.
Financial terms of the transaction were not disclosed.
Pacific Life has hired kept certain Genworth staff at the Lynchburg facility, and hired former Genworth staff who have the skills needed to launch this business, as agreed upon by both firms.
“This new business center in Lynchburg will be an integral part of Pacific Life’s life insurance capabilities,” said Dawn Trautman, senior vice president of product and strategy management for the life insurance division. “We expect to create at least 300 jobs within the next three years and be an employer of choice and a community partner in Lynchburg.”
According to Pacific Life, the transaction will allow it to fulfill the financial protection needs of a broader consumer market without disruption to its current business platforms and sales channels.
“The addition of Genworth’s proven term life new business technology platform will allow us to accelerate our growth into the protection business without sacrificing our focus and responsibility to our core markets of highly affluent individuals and businesses,” said Rick Schindler, executive vice president of Pacific Life’s life insurance division.
“We are excited about this opportunity to expand Pacific Life’s suite of innovative products and service capabilities to a broader market.”
Pacific Life is based in Newport Beach, Calif.
