Greenwood Village’s Great-West Life & Annuity sells insurance arm for $1.2 billion
January 29, 2019 by Aldo Svaldi
Great-West Life & Annuity Insurance Co. in Greenwood Village announced Thursday that it will hand off the bulk of its insurance and annuity business to Protective Life Insurance Co. in a $1.2 billion deal.
Canada’s Great-West Lifeco owns Great-West Life & Annuity, which operates three business units, the largest being Empower Retirement, the country’s second-largest provider of retirement plans.
Empower and a related investment management arm represent the company’s future. The oldest business line and the one sold off via a reinsurance agreement, Great-West Financial, has provided insurance policies and annuities for more than a century.
Great-West Financial accounts for 277 of the more than 6,200 workers at Great-West Life & Annuity, which employs 2,700 people in Colorado.
“Many employees will receive an offer of employment to transfer to Protective,” said company spokesman Stephen Gawlick. “Other roles will be evaluated over the next weeks and months.”
Click HERE to read the full story via The Denver Post.
